On January 1, 2022, Nash's Trading Post, LLC had Accounts Receivable of $57,300 and Allowance for Doubtful Accounts of $3,500.Nash's Trading Post, LLC prepares financial statements annually. During the year, the following selected transactions occurred:Sold $4,500 of merchandise to Rian Company, terms n/30.Accepted a $4,500, 4-month, 10% promissory note from Rian Company for balance due.Sold $14,400 of merchandise to Cato Company and accepted Cato's $14,400, 2-month, 10% note for the balance due.Sold $5,700 of merchandise to Malcolm Co., terms n/10.Accepted a $5,700, 3-month, 8% note from Malcolm Co. for balance due.Jan. 5Feb. 21226Apr. 512Collected Cato Company note in full.June 2Collected Rian Company note in full.15Sold $2,100 of merchandise to Gerri Inc. and accepted a $2,100, 6-month, 11% note for the amount due. Jan. 5Accounts Receivable4500Sales Revenue4500Feb. 2Notes Receivable4500Accounts Receivable4500Feb. 12Notes Receivable14400Accounts Receivable14400Feb. 26Accounts Receivable5700Sales Revenue5700Apr. 5Notes Receivable5700Accounts Receivable5700Apr.12Cash14640Notes Receivable14400Interest Revenue240June 2Cash4650Notes Receivable4500Interest Revenue150June 15Notes Receivable2100Accountc Rocoivablo.2100

Journal entries are those entires which are used to record the transactions of the business in the…

On January 1, 2022, Nash's Trading Post, LLC had Accounts Receivable of $57,300 and Allowance for Doubtful Accounts of $3,500. Nash's Trading Post, LLC prepares financial statements annually. During the year, the following selected transactions occurred: Jan. 5 Sold $4,500 of merchandise to Rian Company, terms n/30. Accepted a $4,500, 4-month, 10% promissory note from Rian Company for balance due. Sold $14,400 of merchandise to Cato Company and accepted Cato's $14,400, 2-month, 10% note for the balance due. Sold $5,700 of merchandise to Malcolm Co., terms n/10. Accepted a $5,700, 3-month, 8% note from Malcolm Co. for balance due. Feb. 2 12 26 Apr. 5 12 Collected Cato Company note in full. June 2 Collected Rian Company note in full. 15 Sold $2,100 of merchandise to Gerri Inc. and accepted a $2,100, 6-month, 11% note for the amount due.

On January 1, 2022, Nash's Trading Post, LLC had Accounts Receivable of $57,300 and Allowance for Doubtful Accounts of $3,500. Nash's Trading Post, LLC prepares financial statements annually. During the year, the following selected transactions occurred: Jan. 5 Sold $4,500 of merchandise to Rian Company, terms n/30. Accepted a $4,500, 4-month, 10% promissory note from Rian Company for balance due. Sold $14,400 of merchandise to Cato Company and accepted Cato's $14,400, 2-month, 10% note for the balance due. Sold $5,700 of merchandise to Malcolm Co., terms n/10. Accepted a $5,700, 3-month, 8% note from Malcolm Co. for balance due. Feb. 2 12 26 Apr. 5 12 Collected Cato Company note in full. June 2 Collected Rian Company note in full. 15 Sold $2,100 of merchandise to Gerri Inc. and accepted a $2,100, 6-month, 11% note for the amount due.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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