On January 1, 2022, Kingbird, Inc. had Accounts Receivable of $49,900 and Allowance for Doubtful Accounts of $3,500. Kingbird, Inc. prepares financial statements annually. During the year, the following selected transactions occurred: Jan. 5 Sold $3,450 of merchandise to Rian Company, terms n/30. Feb. 2 Accepted a $3,450, 4-month, 8% promissory note from Rian Company for balance due. 12 Sold $11,800 of merchandise to Cato Company and accepted Cato’s $11,800, 2-month, 9% note for the balance due. 26 Sold $5,300 of merchandise to Malcolm Co., terms n/10. Apr. 5 Accepted a $5,300, 3-month, 8% note from Malcolm Co. for balance due. 12 Collected Cato Company note in full. June 2 Collected Rian Company note in full. 15 Sold $2,200 of merchandise to Gerri Inc. and accepted a $2,200, 6-month, 11% note for the amount due. Journalize the transactions. (Omit cost of goods sold entries.) (Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.) Date Account Titles and Explanation Debit Credit Choose a transaction date Jan. 5Feb. 2Feb. 12Feb. 26Apr. 5Apr.12June 2June 15 Enter an account title Enter a debit amount Enter a credit amount Enter an account title Enter a debit amount Enter a credit amount Choose a transaction date Jan. 5Feb. 2Feb. 12Feb. 26Apr. 5Apr.12June 2June 15 Enter an account title Enter a debit amount Enter a credit amount Enter an account title Enter a debit amount Enter a credit amount Choose a transaction date Jan. 5Feb. 2Feb. 12Feb. 26Apr. 5Apr.12June 2June 15 Enter an account title Enter a debit amount Enter a credit amount Enter an account title Enter a debit amount Enter a credit amount Choose a transaction date Jan. 5Feb. 2Feb. 12Feb. 26Apr. 5Apr.12June 2June 15 Enter an account title Enter a debit amount Enter a credit amount Enter an account title Enter a debit amount Enter a credit amount Choose a transaction date Jan. 5Feb. 2Feb. 12Feb. 26Apr. 5Apr.12June 2June 15 Enter an account title Enter a debit amount Enter a credit amount Enter an account title Enter a debit amount Enter a credit amount Choose a transaction date Jan. 5Feb. 2Feb. 12Feb. 26Apr. 5Apr.12June 2June 15 Enter an account title Enter a debit amount Enter a credit amount Enter an account title Enter a debit amount Enter a credit amount Enter an account title Enter a debit amount Enter a credit amount Choose a transaction date Jan. 5Feb. 2Feb. 12Feb. 26Apr. 5Apr.12June 2June 15 Enter an account title Enter a debit amount Enter a credit amount Enter an account title Enter a debit amount Enter a credit amount Enter an account title Enter a debit amount Enter a credit amount Choose a transaction date Jan. 5Feb. 2Feb. 12Feb. 26Apr. 5Apr.12June 2June 15 Enter an account title Enter a debit amount Enter a credit amount Enter an account title Enter a debit amount Enter a credit amount
On January 1, 2022, Kingbird, Inc. had Accounts Receivable of $49,900 and Allowance for Doubtful Accounts of $3,500. Kingbird, Inc. prepares financial statements annually. During the year, the following selected transactions occurred: Jan. 5 Sold $3,450 of merchandise to Rian Company, terms n/30. Feb. 2 Accepted a $3,450, 4-month, 8% promissory note from Rian Company for balance due. 12 Sold $11,800 of merchandise to Cato Company and accepted Cato’s $11,800, 2-month, 9% note for the balance due. 26 Sold $5,300 of merchandise to Malcolm Co., terms n/10. Apr. 5 Accepted a $5,300, 3-month, 8% note from Malcolm Co. for balance due. 12 Collected Cato Company note in full. June 2 Collected Rian Company note in full. 15 Sold $2,200 of merchandise to Gerri Inc. and accepted a $2,200, 6-month, 11% note for the amount due. Journalize the transactions. (Omit cost of goods sold entries.) (Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.) Date Account Titles and Explanation Debit Credit Choose a transaction date Jan. 5Feb. 2Feb. 12Feb. 26Apr. 5Apr.12June 2June 15 Enter an account title Enter a debit amount Enter a credit amount Enter an account title Enter a debit amount Enter a credit amount Choose a transaction date Jan. 5Feb. 2Feb. 12Feb. 26Apr. 5Apr.12June 2June 15 Enter an account title Enter a debit amount Enter a credit amount Enter an account title Enter a debit amount Enter a credit amount Choose a transaction date Jan. 5Feb. 2Feb. 12Feb. 26Apr. 5Apr.12June 2June 15 Enter an account title Enter a debit amount Enter a credit amount Enter an account title Enter a debit amount Enter a credit amount Choose a transaction date Jan. 5Feb. 2Feb. 12Feb. 26Apr. 5Apr.12June 2June 15 Enter an account title Enter a debit amount Enter a credit amount Enter an account title Enter a debit amount Enter a credit amount Choose a transaction date Jan. 5Feb. 2Feb. 12Feb. 26Apr. 5Apr.12June 2June 15 Enter an account title Enter a debit amount Enter a credit amount Enter an account title Enter a debit amount Enter a credit amount Choose a transaction date Jan. 5Feb. 2Feb. 12Feb. 26Apr. 5Apr.12June 2June 15 Enter an account title Enter a debit amount Enter a credit amount Enter an account title Enter a debit amount Enter a credit amount Enter an account title Enter a debit amount Enter a credit amount Choose a transaction date Jan. 5Feb. 2Feb. 12Feb. 26Apr. 5Apr.12June 2June 15 Enter an account title Enter a debit amount Enter a credit amount Enter an account title Enter a debit amount Enter a credit amount Enter an account title Enter a debit amount Enter a credit amount Choose a transaction date Jan. 5Feb. 2Feb. 12Feb. 26Apr. 5Apr.12June 2June 15 Enter an account title Enter a debit amount Enter a credit amount Enter an account title Enter a debit amount Enter a credit amount
College Accounting, Chapters 1-27
23rd Edition
ISBN:9781337794756
Author:HEINTZ, James A.
Publisher:HEINTZ, James A.
Chapter16: Accounting For Accounts Receivable
Section: Chapter Questions
Problem 3CP: At the end of 20-3, Martel Co. had 410,000 in Accounts Receivable and a credit balance of 300 in...
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Question
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On January 1, 2022, Kingbird, Inc. had
Jan. 5 | Sold $3,450 of merchandise to Rian Company, terms n/30. | |
Feb. 2 | Accepted a $3,450, 4-month, 8% promissory note from Rian Company for balance due. | |
12 | Sold $11,800 of merchandise to Cato Company and accepted Cato’s $11,800, 2-month, 9% note for the balance due. | |
26 | Sold $5,300 of merchandise to Malcolm Co., terms n/10. | |
Apr. 5 | Accepted a $5,300, 3-month, 8% note from Malcolm Co. for balance due. | |
12 | Collected Cato Company note in full. | |
June 2 | Collected Rian Company note in full. | |
15 |
Sold $2,200 of merchandise to Gerri Inc. and accepted a $2,200, 6-month, 11% note for the amount due.
|
Journalize the transactions. (Omit cost of goods sold entries.) (Credit account titles are automatically indented when amount is entered. Do not indent manually. Record
Date
|
Account Titles and Explanation
|
Debit
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Credit
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---|---|---|---|
Choose a transaction date Jan. 5Feb. 2Feb. 12Feb. 26Apr. 5Apr.12June 2June 15 |
Enter an account title
|
Enter a debit amount
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Enter a credit amount
|
Enter an account title
|
Enter a debit amount
|
Enter a credit amount
|
|
Choose a transaction date Jan. 5Feb. 2Feb. 12Feb. 26Apr. 5Apr.12June 2June 15 |
Enter an account title
|
Enter a debit amount
|
Enter a credit amount
|
Enter an account title
|
Enter a debit amount
|
Enter a credit amount
|
|
Choose a transaction date Jan. 5Feb. 2Feb. 12Feb. 26Apr. 5Apr.12June 2June 15 |
Enter an account title
|
Enter a debit amount
|
Enter a credit amount
|
Enter an account title
|
Enter a debit amount
|
Enter a credit amount
|
|
Choose a transaction date Jan. 5Feb. 2Feb. 12Feb. 26Apr. 5Apr.12June 2June 15 |
Enter an account title
|
Enter a debit amount
|
Enter a credit amount
|
Enter an account title
|
Enter a debit amount
|
Enter a credit amount
|
|
Choose a transaction date Jan. 5Feb. 2Feb. 12Feb. 26Apr. 5Apr.12June 2June 15 |
Enter an account title
|
Enter a debit amount
|
Enter a credit amount
|
Enter an account title
|
Enter a debit amount
|
Enter a credit amount
|
|
Choose a transaction date Jan. 5Feb. 2Feb. 12Feb. 26Apr. 5Apr.12June 2June 15 |
Enter an account title
|
Enter a debit amount
|
Enter a credit amount
|
Enter an account title
|
Enter a debit amount
|
Enter a credit amount
|
|
Enter an account title
|
Enter a debit amount | Enter a credit amount | |
Choose a transaction date Jan. 5Feb. 2Feb. 12Feb. 26Apr. 5Apr.12June 2June 15 |
Enter an account title
|
Enter a debit amount
|
Enter a credit amount
|
Enter an account title
|
Enter a debit amount
|
Enter a credit amount
|
|
Enter an account title
|
Enter a debit amount
|
Enter a credit amount
|
|
Choose a transaction date Jan. 5Feb. 2Feb. 12Feb. 26Apr. 5Apr.12June 2June 15 |
Enter an account title
|
Enter a debit amount
|
Enter a credit amount
|
Enter an account title
|
Enter a debit amount
|
Enter a credit amount
|
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