On January 1, 2014, Coronado Industries had Accounts Receivable of $55,800; Notes Receivable of $13,200; and...

On January 1, 2014, Coronado Industries had Accounts Receivable of $55,800; Notes Receivable of $13,200; and Allowance for Doubtful Accounts of $3,900. The note receivable is from Hartwig Company. It is a 4-month, 9% note dated December 31, 2013. Coronado Industries prepares financial statements annually. During the year, the following selected transactions occurred.

Jan. 5		Sold $4,500 of merchandise to Flynn Company, terms n/15.
20		Accepted Flynn Company’s $4,500, 3-month, 9% note for balance due.
Feb. 18		Sold $13,200 of merchandise to Mink Company and accepted Mink’s $13,200, 6-month, 11% note for the amount due.
Apr. 20		Collected Flynn Company note in full.
30		Received payment in full from Hartwig Company on the amount due.
May 25		Accepted Creech Inc.’s $5,400, 6-month, 8% note in settlement of a past-due balance on account.
Aug. 18		Received payment in full from Mink Company on note due.
Sept. 1		Sold $1,800 of merchandise to Glazer Company and accepted a $1,800, 6-month, 11% note for the amount due.

Journalize the transactions. (Omit cost of goods sold entries.) (Round answers to 0 decimal places, e.g. 825. Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.)

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ekkarill92 answered 1 year ago

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