Problem 8-6A on January 1 2017, Kingbird, Inc. had Accounts Receivable of $49.900 and Allowance...
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Problem 8-6A on January 1 2017, Kingbird, Inc. had Accounts Receivable of $49.900 and Allowance for Doubtful Accounts of3,50 an, S Sold $3,450 of merchandise to Rian Company, terms n/30. Kingbird, Inc. prepares financial statements annually. During the year, the following selected transactions occurred Feb. 2 Accepted a $3.4S0, 4-month, 8% promissory note from Rian Company for balance due. 12 Sold $11,800 of merchandise to Cato Company and accepted Cato's S 11,800, 2-month, 9% note for the balance due 26 Sold $12,100 of merchandise to Malcolm Co., terms n/10. S Accepted a $12,100, 3-month, 8% note from Malcolm Co. for balance due. 12 Collected Cato Company note in full. Apr. June 2 Collected Rian Company note in full. 15 Sold $2,200 of merchandise to Gem Inc. and accepted a $2,200, 6-month, 11% 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
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