Problem 8-06A On January 1, 2022, Whispering Winds Corp. had Accounts Receivable of $52,500 and Allowance for Doubtful Accounts of $3,700. Whispering Winds Corp. prepares financial statements annually. During the year, the following selected transactions occurred: Jan. 5 Sold $4,000 of merchandise to Rian Company, terms n/30. Feb. 2 Accepted a $4,000, 4-month, 9% promissory note from Rian Company for balance due. 12 Sold $13,200 of merchandise to Cato Company and accepted Cato’s $13,200, 2-month, 11% note for the balance due. 26 Sold $5,500 of merchandise to Malcolm Co., terms n/10. Apr. 5 Accepted a $5,500, 3-month, 9% note from Malcolm Co. for balance due. 12 Collected Cato Company note in full. June 2 Collected Rian Company note in full. 15 Sold $2,000 of merchandise to Gerri Inc. and accepted a $2,000, 6-month, 13% 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

Problem 8-06A On January 1, 2022, Whispering Winds Corp. had Accounts Receivable of $52,500 and Allowance for Doubtful Accounts of $3,700. Whispering Winds Corp. prepares financial statements annually. During the year, the following selected transactions occurred: Jan. 5 Sold $4,000 of merchandise to Rian Company, terms n/30. Feb. 2 Accepted a $4,000, 4-month, 9% promissory note from Rian Company for balance due. 12 Sold $13,200 of merchandise to Cato Company and accepted Cato’s $13,200, 2-month, 11% note for the balance due. 26 Sold $5,500 of merchandise to Malcolm Co., terms n/10. Apr. 5 Accepted a $5,500, 3-month, 9% note from Malcolm Co. for balance due. 12 Collected Cato Company note in full. June 2 Collected Rian Company note in full. 15 Sold $2,000 of merchandise to Gerri Inc. and accepted a $2,000, 6-month, 13% 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

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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Problem 8-06A

On January 1, 2022, Whispering Winds Corp. had Accounts Receivable of $52,500 and Allowance for Doubtful Accounts of $3,700. Whispering Winds Corp. prepares financial statements annually. During the year, the following selected transactions occurred:

Jan. 5		Sold $4,000 of merchandise to Rian Company, terms n/30.
Feb. 2		Accepted a $4,000, 4-month, 9% promissory note from Rian Company for balance due.
12		Sold $13,200 of merchandise to Cato Company and accepted Cato’s $13,200, 2-month, 11% note for the balance due.
26		Sold $5,500 of merchandise to Malcolm Co., terms n/10.
Apr. 5		Accepted a $5,500, 3-month, 9% note from Malcolm Co. for balance due.
12		Collected Cato Company note in full.
June 2		Collected Rian Company note in full.
15		Sold $2,000 of merchandise to Gerri Inc. and accepted a $2,000, 6-month, 13% 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

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