Kader Company had the following balances on January 1, 2020: Allowance for doubtful accounts $ 2,600 56,000 Notes receivable Prepare general journal entries for the following transactions of Kader Company: Mar. 21Discounted a $10,000, 9%, 120-day note dated March 1, received from Creed Corp, at the bank at 12%. 25 Sold $4,500 of merchandise to Finn Corp., receiving a 10%, 60- day note receivable. 10Wrote off $1,800 account owed by Friller as worthless. Apr. May June 24 Note signed by Finn Corp. on April 25 was dishonoured. 29 Received a memo from the bank that the note discounted on March 21 was collected Dec. 31Uncollectible accounts receivable were estimated to be $3,200.
Kader Company had the following balances on January 1, 2020: Allowance for doubtful accounts $ 2,600 56,000 Notes receivable Prepare general journal entries for the following transactions of Kader Company: Mar. 21Discounted a $10,000, 9%, 120-day note dated March 1, received from Creed Corp, at the bank at 12%. 25 Sold $4,500 of merchandise to Finn Corp., receiving a 10%, 60- day note receivable. 10Wrote off $1,800 account owed by Friller as worthless. Apr. May June 24 Note signed by Finn Corp. on April 25 was dishonoured. 29 Received a memo from the bank that the note discounted on March 21 was collected Dec. 31Uncollectible accounts receivable were estimated to be $3,200.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Prepare general journal entries for the following transactions of Kader Company
Transcribed Image Text:Kader Company had the following balances on January 1, 2020:
Allowance for doubtful accounts
$2,600
56,000
Notes receivable
Prepare general journal entries for the following transactions of Kader Company:
Mar.
21Discounted a $10,000, 9%, 120-day note dated March 1, received
from Creed Corp, at the bank at 12%.
Apr.
25 Sold $4,500 of merchandise to Finn Corp., receiving a 10%, 60- day
note receivable.
10Wrote off $1,800 account owed by Friller as worthless.
May
June
24 Note signed by Finn Corp. on April 25 was dishonoured.
29 Received a memo from the bank that the note discounted on
March 21 was collected
Dec.
31 Uncollectible accounts receivable were estimated to be $3,20O.
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