On January 1, 2022, Skysong, Inc. had Accounts Receivable of $52,500 and Allowance for Doubtful Accounts of $3,800. Skysong, Inc. prepares financial statements annually. During the year, the following selected transactions occurred.Jan. 5 Sold $4,200 of merchandise to Rian Company, terms n/30.Feb. 2 Accepted a $4,200, 4-month, 9% promissory note from Rian Company for balance due.12 Sold $10,800 of merchandise to Cato Company and accepted Cato’s $10,800, 2-month, 10% note.26 Sold $5,500 of merchandise to Malcolm Co., terms n/10.Apr. 5 Accepted a $5,500, 3-month, 8% note from Malcolm Co.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, 12% note.Journalize the transactions. (Omit cost of goods sold entries.) (Do not round intermediate calculations. Round final answers to 0 decimal places, e.g. 5,275. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.)DateAccount Titles and ExplanationDebitCreditchoose a transaction date Enter an account titleEnter a debit amountEnter a credit amount Enter an account titleEnter a debit amountEnter a credit amountchoose a transaction date Enter an account titleEnter a debit amountEnter a credit amount Enter an account titleEnter a debit amountEnter a credit amountchoose a transaction date Enter an account titleEnter a debit amountEnter a credit amount Enter an account titleEnter a debit amountEnter a credit amountchoose a transaction date Enter an account titleEnter a debit amountEnter a credit amount Enter an account titleEnter a debit amountEnter a credit amountchoose a transaction date Enter an account titleEnter a debit amountEnter a credit amount Enter an account titleEnter a debit amountEnter a credit amountchoose a transaction date Enter an account titleEnter a debit amountEnter a credit amount Enter an account titleEnter a debit amountEnter a credit amount Enter an account titleEnter a debit amountEnter a credit amountchoose a transaction date Enter an account titleEnter a debit amountEnter a credit amount Enter an account titleEnter a debit amountEnter a credit amount Enter an account titleEnter a debit amountEnter a credit amountchoose a transaction date Enter an account titleEnter a debit amountEnter a credit amount Enter an account titleEnter a debit amountEnter a credit amount

A Journal entry is a primary entry that records the financial transactions initially. The…

Answered: On January 1, 2022, Skysong, Inc. had…

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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On January 1, 2022, Skysong, Inc. had Accounts Receivable of $52,500 and Allowance for Doubtful Accounts of $3,800. Skysong, Inc. prepares financial statements annually. During the year, the following selected transactions occurred.

Jan. 5		Sold $4,200 of merchandise to Rian Company, terms n/30.
Feb. 2		Accepted a $4,200, 4-month, 9% promissory note from Rian Company for balance due.
12		Sold $10,800 of merchandise to Cato Company and accepted Cato’s $10,800, 2-month, 10% note.
26		Sold $5,500 of merchandise to Malcolm Co., terms n/10.
Apr. 5		Accepted a $5,500, 3-month, 8% note from Malcolm Co.
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, 12% note.

Journalize the transactions. (Omit cost of goods sold entries.) (Do not round intermediate calculations. Round final answers to 0 decimal places, e.g. 5,275. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.)

Date	Account Titles and Explanation	Debit	Credit
choose a transaction date	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	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	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	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	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	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	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	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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