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Accounts and Notes Receivable Lenox Corp, sold merchandise for $6,000 to M. Bader on May 15, 2017, with payment out in 60 days. Subsequent to this, Baster experienced cash flow problems and was unable to pay its debt. On August 10, 2017, Lenox stopped trying to come the outstanding rectivable from Baxter and wrote of the account as uncollectible On December 1, 2017, Baxter sene Lenox check for $300 and offered to on a two-month 12%, 16,000 promissory not to satisfy the remaining obligation Babe paid the entire amount due Lenox, with interest, on January 31, 2018 Lenox ends its accounting year on December 3 each year and uses the wilowane method to account for bad debts Required Identity and cons on the books of Corp. from May 15, 2017 to January 1, 2018 Do not own termen lutions It required, round your finanswer to the nearedomar. The effect of the action on May 15 AVY Accounts Statement How does this entry wffect the accountington If a financial statementem is not affected, rectory and leave the amount box blank the effect on a financial statement com is negative, a decrease, be sure to enter the answer with a mission Balance Sheet Income statement Stockholders Assets Liabilities Equity Revenues Expenses + The effect of the transaction to write the account on August 10 NEY Acedurta Statements How does this entry affect the accounting ovation If a financial statement item is not affected, select "No Entry and leave the amount box blank. If the effect on a financial Matement item is negative, 1. decembe sure to enter the answer will as Remember if a conta account is increased, it will have the effect of decreasing the corresponde financial statement item Balance Sheet Income Statement Stockholders Assets Liabilities Equity Revenues Expenses The effect of the transaction to reinstate the wiowance account on December 1 Activity Accounts Statements) How does this entry affect the accounting equation If a financal statement item is not affected, select "No Entry and leave the amount box blank. If the effect on a financial statement is negative, le decrease, be sure to enter the answer with a mission Remember if a contraccount is increased, it will have the effect of decreasing the corresponding financial statement item Balance Sheet Income Statement Stockholders' Assals) Liabilities Equity Revenues Expenses The effect of the transaction to collect cash and receive a promissory note on December 1 Activity Accounts Statement How does this entry affect the accounting equation tra financial statement is not affected, ect "No Entrand leave the amount ok blank the effect on a financial statement item is negative, L, a decrease, be sure to enter the answer with a minusugn Balance sheet Income Statement Stockholders Assets Labilities Equity Revenues Expenses N1 The ect of the met on December 31 Adivity kennt Sate do this try the accounting on? Trandaliis offered, wetty and leave the amount of the effect on a Macultatement item is eative, la decrease be sure to enter the answer with sun Balance Sheet Income Statement Stockholders Balance Sheet Income Statement Assets Stockholders Equity Liabilities . Revenues Expenses The effect of the transaction on January 31 AVY Accounts Statement) How does this entry affect the accounting equation? If a financial statement item is not affected, select 'No Entry and leave the amount box blank. If the effect on a financial statement item is negative, a decrease be sure to enter the anwer with a minus sign Balance Sheet Income Statement Stockholders Assets Liabilities Equity Revenues Expenses 2. ww would takter bother to send me a che for 5800 on December 1 and agree to on a note for the balance given that such a long period of time had sassed since the original purchase? Choose the best . Barter was required to do this to avoid bankruptcy Baxter would want to statish their good crede standing with supplier in order to purchase products in the future, c. Bacter's owner could not bear the guilt of payment I 2. Why would Bantel bother to send to directors on December 1 and agree to sign a note for the balance, given that such a long period of time had passed since the anginal purchase Choose the best anwer Border was required to do this to avoid bankruptcy Baxter would want to reestablish the good reading with supplier in order to purchase products in the future chester's were not be the guilt of payment

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