On January 1, 2017, Concord SA had Accounts Receivable €107,920 and Allowance for Doubtful Accounts €6,500. Concord prepares financial statements annually at December 31. During the year, the following selected transactions occurred. Sold €7,500 of merchandise to Patrick Co., terms n/30. Accepted Jan. 5 Feb. 2 €7,500, 4-month, 5% promissory note from Patrick for the balance due. an Sold €10,200 of merchandise to Marguerite SA and accepted Marguerite's €10,200, 2-month, 7% note for the balance due. Sold €5,600 of merchandise to Felton Co., terms n/10. 12 26 Apr. 5 Accepted a €5,600, 3-month, 9% note from Felton Co. for the balance due. 12 Collected Marguerite note in full. June 2 Collected Patrick note in full. July 5 Felton Co. dishonors its note of April 5. It is expected that Felton will eventually pay the amount owed. Sold €8,000 of merchandise to Planke Co. and accepted Planke's €8,000, 3-month, 7% note for the amount due. Planke Co.'s note was dishonored. Planke Co. is bankrupt, and there is no hope of future settlement. 15 Oct. 15 Journalize the transactions. (Record entries in the order displayed in the problem statement. Credit account titles are automatically indented when amount is entered. Do not indent manually. Round answers to the nearest whole dollar, e.g. 5,275. Do not round intermediate calculations.)
On January 1, 2017, Concord SA had Accounts Receivable €107,920 and Allowance for Doubtful Accounts €6,500. Concord prepares financial statements annually at December 31. During the year, the following selected transactions occurred. Sold €7,500 of merchandise to Patrick Co., terms n/30. Accepted Jan. 5 Feb. 2 €7,500, 4-month, 5% promissory note from Patrick for the balance due. an Sold €10,200 of merchandise to Marguerite SA and accepted Marguerite's €10,200, 2-month, 7% note for the balance due. Sold €5,600 of merchandise to Felton Co., terms n/10. 12 26 Apr. 5 Accepted a €5,600, 3-month, 9% note from Felton Co. for the balance due. 12 Collected Marguerite note in full. June 2 Collected Patrick note in full. July 5 Felton Co. dishonors its note of April 5. It is expected that Felton will eventually pay the amount owed. Sold €8,000 of merchandise to Planke Co. and accepted Planke's €8,000, 3-month, 7% note for the amount due. Planke Co.'s note was dishonored. Planke Co. is bankrupt, and there is no hope of future settlement. 15 Oct. 15 Journalize the transactions. (Record entries in the order displayed in the problem statement. Credit account titles are automatically indented when amount is entered. Do not indent manually. Round answers to the nearest whole dollar, e.g. 5,275. Do not round intermediate calculations.)
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:Question 11
On January 1, 2017, Concord SA had Accounts Receivable €107,920 and Allowance for Doubtful Accounts €6,500. Concord prepares financial statements annually at December 31. During the year, the following
selected transactions occurred.
Sold €7,500 of merchandise to Patrick Co., terms n/30.
Accepted an €7,500, 4-month, 5% promissory note from Patrick for the balance due.
Sold €10,200 of merchandise to Marguerite SA and accepted Marguerite's €10,200, 2-month, 7% note for the balance due.
Jan. 5
Feb. 2
12
26
Sold €5,600 of merchandise to Felton Co., terms n/10.
Accepted a €5,600, 3-month, 9% note from Felton Co. for the balance due.
Collected Marguerite note in full.
Apr. 5
12
June 2
Collected Patrick note in full.
July 5
Felton Co. dishonors its note of April 5. It is expected that Felton will eventually pay the amount owed.
Sold €8,000 of merchandise to Planke Co. and accepted Planke's €8,000, 3-month, 7% note for the amount due.
Planke Co.'s note was dishonored. Planke Co. is bankrupt, and there is no hope of future settlement.
15
Oct. 15
Journalize the transactions. (Record entries in the order displayed in the problem statement. Credit account titles are automatically indented when amount is entered. Do not indent manually.
Round answers to the nearest whole dollar, e.g. 5,275. Do not round intermediate calculations.)
Date
Account Titles and Explanation
Debit
Credit
Jan. 5
Feb. 2
Feb. 12 v
Transcribed Image Text:Feb. 26 v
Apr. 5
Apr. 12
Jun. 2
Jul. 5
Jul. 15 v
Oct. 15 v
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