Make sure you show your calculations! 6 marks (Part A and Part B are independent...
80.2K
Verified Solution
Link Copied!
Question
Accounting
Make sure you show your calculations! 6 marks (Part A and Part B are independent questions and not related) Part A 1 Prepare general journal entries without explanations to record the following transactions Jan Sold merchandise to Kelly Graham for $1,000 on account. The merchandise cost $600 and the company uses a perpetual inventory system and does not expect any returns Feb Received $300 from Graham. 1 Jul 1 Wrote off the balance of Graham's account as uncollectible Sep 1 Unexpectedly received payment in full from Graham Part B Janet Inc. had the following transactions during 2022. Janet Inc has a calendar year end and does not maintain a separate Allowance for Doubtful Notes Receivable account One of Janet's customers, Sasha Inc, who owed $7.900 settled their account by Feb. 1 signing a three-month, 4% note, Mar. Recorded accrued interest on all notes in preparation for issuance of quarterly 31 financial statements Apr Sasha Inc. defaulted on its note. It is unlikely that Sasha will be able to pay the 30 account Prepare the appropriate journal entries, Warning: Once you press "next page", you CANNOT go back to the previous question! Make sure you complete this question before clicking "Next Page
Answer & Explanation
Solved by verified expert
Get Answers to Unlimited Questions
Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!
Membership Benefits:
Unlimited Question Access with detailed Answers
Zin AI - 3 Million Words
10 Dall-E 3 Images
20 Plot Generations
Conversation with Dialogue Memory
No Ads, Ever!
Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
