On January 1, 2025, Oriole Company had Accounts Receivable of $59,500 and Allowance for Doubtful...
50.1K
Verified Solution
Link Copied!
Question
Accounting
On January 1, 2025, Oriole Company had Accounts Receivable of $59,500 and Allowance for Doubtful Accounts of $4,000, Oriole Company prepares financial statements annually. During the year, the following selected transactions occurred. Jan. 5 Sold $3,900 of merchandise to Rian Company, terms n/30. Feb. 2 Accepted a $3,900,4-month, 8% promisson note from Rian Company for balance due. 12 Sold $19,200 of merchandise to Cato Company and accepted Cato's $19,200,2 - month, 11\% note for the balance due. 26 Sold $4,900 of merchandise to Malcolm Co, terms n/10. Apr. 5 Accepted a $4,900,3-month, 8% note from Malcolm Ca. for balance due. 12 Collected Cato Company note in full. June 2 Collected Rian Company note in full. 15 Sold $1,800 of merchandise to Gerri inc. and accepted a $1,800,6-month, 13% note for the amount due. Journalize the transactions. (Omit cost of goods sold entries.) (List all debit entries before credit entries. Credit occount tities are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem. If no entry is required, select "No Entry" for the account titles and enter Ofor the amounts.)
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: Zin AI - Your personal assistant for all your inquiries!
