On January 1, 2022, Oriole Company had Accounts Receivable of $51.300 and Allowance for Doubtful Accounts of $3.500. Oriole Company prepares financial statements annually. During the year, the following selected transactions occurred. Jan. 5 Feb. 2 12 26 Apr. 5 12 June 2 16 Sold $3,600 of merchandise to Rian Company, terms n/30. Accepted a $3,600,4-month, 9% promissory note from Rian Company for balance due. Sold $12,000 of merchandise to Cato Company and accepted Cato's $12,000, 2-month, 10% note. Sold $4,600 of merchandise to Malcolm Co, terms n/10. Accepted a $4,600, 3-month, 8% note from Malcolm Co. Collected Cato Company note in full. Collected Rian Company note in full. Fald3000 of dire to Gerritor and accent $2200 6-month, 12% note.
On January 1, 2022, Oriole Company had Accounts Receivable of $51.300 and Allowance for Doubtful Accounts of $3.500. Oriole Company prepares financial statements annually. During the year, the following selected transactions occurred. Jan. 5 Feb. 2 12 26 Apr. 5 12 June 2 16 Sold $3,600 of merchandise to Rian Company, terms n/30. Accepted a $3,600,4-month, 9% promissory note from Rian Company for balance due. Sold $12,000 of merchandise to Cato Company and accepted Cato's $12,000, 2-month, 10% note. Sold $4,600 of merchandise to Malcolm Co, terms n/10. Accepted a $4,600, 3-month, 8% note from Malcolm Co. Collected Cato Company note in full. Collected Rian Company note in full. Fald3000 of dire to Gerritor and accent $2200 6-month, 12% note.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Concept explainers
Bad Debts
At the end of the accounting period, a financial statement is prepared by every company, then at that time while preparing the financial statement, the company determines among its total receivable amount how much portion of receivables is collected by the company during that accounting period.
Accounts Receivable
The word “account receivable” means the payment is yet to be made for the work that is already done. Generally, each and every business sells its goods and services either in cash or in credit. So, when the goods are sold on credit account receivable arise which means the company is going to get the payment from its customer to whom the goods are sold on credit. Usually, the credit period may be for a very short period of time and in some rare cases it takes a year.
Question
answer in text form please (without image), Note: .Every entry should have narration please
Transcribed Image Text:On January 1, 2022, Oriole Company had Accounts Receivable of $51,300 and Allowance for Doubtful Accounts of $3,500. Oriole
Company prepares financial statements annually. During the year, the following selected transactions occurred.
Jan 5
Feb. 2
12
26
Apr. 5
12
June 2
15
Sold $3,600 of merchandise to Rian Company, terms n/30.
Accepted a $3,600,4-month, 9% promissory note from Rian Company for balance due.
Sold $12,000 of merchandise to Cato Company and accepted Cato's $12,000,2-month, 10% note.
Sold $4,600 of merchandise to Malcolm Co., terms n/10.
Accepted a $4,600, 3-month, 8% note from Malcolm Co.
Collected Cato Company note in full.
Collected Rian Company note in full.
Sold $2,200 of merchandise to Gerri Inc. and accepted a $2,200, 6-month, 12% note.
Transcribed Image Text:Date
Jan.5
Feb. 2
Feb. 12
Feb 26
Apr. 5
Account Titles and Explanation
Accounts Receivable
Sales Revenue
acc
Debit
Credit
1000000000
F
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 3 steps
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Recommended textbooks for you
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education