Relaxing Recliner Chairs completed the following transactions:Required: Record the transactions in the journal of Relaxing Recliner Chairs. Explanations are notrequired. (For notes stated in days, use a 360-day year. Round to the nearest dollar.) Jul 1Oct 31Nov 3Dec 312013Sold inventory to Great–Mart, receiving a $45,000, nine-month, 12% note. Ignore cost of goods sold.Recorded credit- and debit-card sales for the period of $21,000 using the gross method.Card processor drafted company's checking account for processing fee of $410.Made an adjusting entry to accrue interest on the Great–Mart note.Made an adjusting entry to record uncollectible account expense based on an aging of accountsDec 31 receivable. The aging schedule shows that $15,200 of accounts receivable will not be collected. Prior tothis adjustment, the credit balance in Allowance for uncollectible accounts is $11,600.2014Apr 1Jun 23 Sold merchandise to Ambiance, Corp., receiving a 60-day, 9% note for $13,000. Ignore cost of goodsCollected the maturity value and interest of the Great–Mart note.sold.Aug 23 | Collected in full on account from Ambiance, Corp.Nov 16 | Loaned $21,000 cash to Creed, Inc., receiving a 90-day, 8% note.Dec 31 | Accrued the interest on the Creed, Inc., note.

Journal entries recording is the first step of accounting cycle process, in which atleast one…

Relaxing Recliner Chairs completed the following transactions: Required: Record the transactions in the journal of Relaxing Recliner Chairs. Explanations are not required. (For notes stated in days, use a 360-day year. Round to the nearest dollar.)

Relaxing Recliner Chairs completed the following transactions: Required: Record the transactions in the journal of Relaxing Recliner Chairs. Explanations are not required. (For notes stated in days, use a 360-day year. Round to the nearest dollar.)

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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