K. Co had the following balances on January 1, 2020: Allowance for doubtful accounts $ 2,600 Notes receivable 56,000 Required: Prepare general journal entries for the following transactions of K. Co: Mar. 21 $10,000, 9%, 120-day note dated March 1, received from C Co. Apr. 25 Sold $4,500 of merchandise to Finn Corp., receiving a 10%, 60- day note receivable. May 10 Wrote off $1,800 account owed by Thriller as worthless. June 24 Note signed by Finn Corp. on April 25 was dishonoured. 29 Received a memo from the bank that the note given on March 21 was collected Dec. 31 Uncollectible accounts receivable were estimated to be $3,200.
K. Co had the following balances on January 1, 2020: Allowance for doubtful accounts $ 2,600 Notes receivable 56,000 Required: Prepare general journal entries for the following transactions of K. Co: Mar. 21 $10,000, 9%, 120-day note dated March 1, received from C Co. Apr. 25 Sold $4,500 of merchandise to Finn Corp., receiving a 10%, 60- day note receivable. May 10 Wrote off $1,800 account owed by Thriller as worthless. June 24 Note signed by Finn Corp. on April 25 was dishonoured. 29 Received a memo from the bank that the note given on March 21 was collected Dec. 31 Uncollectible accounts receivable were estimated to be $3,200.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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answers in spreadsheet please
Transcribed Image Text:K. Co had the following balances on January 1, 2020:
Allowance for doubtful accounts
$ 2,600
Notes receivable
56,000
Required:
Prepare general journal entries for the following transactions of K. Co:
Mar.
21 $10,000, 9%, 120-day note dated March 1, received from C Co.
Aprг.
25 Sold $4,500 of merchandise to Finn Corp., receiving a 10%, 60- day note
receivable.
Мay
10 Wrote off $1,800 account owed by Thriller as worthless.
June
24 Note signed by Finn Corp. on April 25 was dishonoured.
29 Received a memo from the bank that the note given on March 21 was
collected
Dec.
31 Uncollectible accounts receivable were estimated to be $3,200.
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