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.)

Expert Solution

ekkarill92 answered 2 years ago

On January 1, 2020, Novak Corp. had Accounts Receivable $140,800, Notes Receivable $24,000, and Allowance for...

On January 1, 2020, Novak Corp. had Accounts Receivable $140,800, Notes Receivable $24,000, and Allowance for Doubtful Accounts $12,300. The note receivable is from Willingham Company. It is a 4-month, 9% note dated December 31, 2019. Novak Corp. prepares financial statements annually at December 31. During the year, the following selected transactions occurred. Jan. 5 Sold $18,200 of merchandise to Sheldon Company, terms n/15. 20 Accepted Sheldon Company’s $18,200, 3-month, 8% note for balance due. Feb. 18 Sold $6,400 of...

On January 1, 2019, Wildhorse Co. had Accounts Receivable $144,300, Notes Receivable $30,000, and Allowance for...

On January 1, 2019, Wildhorse Co. had Accounts Receivable $144,300, Notes Receivable $30,000, and Allowance for Doubtful Accounts $18,300. The note receivable is from Willingham Company. It is a 4-month, 9% note dated December 31, 2018. Wildhorse Co. prepares financial statements annually at December 31. During the year, the following selected transactions occurred. Jan. 5 Sold $24,700 of merchandise to Sheldon Company, terms n/15. 20 Accepted Sheldon Company’s $24,700, 3-month, 8% note for balance due. Feb. 18 Sold $13,600 of...

At the end of 2016, Coronado Industries has accounts receivable of $762,000 and an allowance for...

At the end of 2016, Coronado Industries has accounts receivable of $762,000 and an allowance for doubtful accounts of $22,520. On January 24, 2017, it is learned that the company’s receivable from Madonna Inc. is not collectible and therefore management authorizes a write-off of $4,398. (a) Prepare the journal entry to record the write-off. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Account Titles and Explanation Debit Credit Enter an account title Enter a...

Problem 8-07A (Video) On January 1, 2020, Harter Company had Accounts Receivable $139,000, Notes Receivable $25,000,...

Problem 8-07A (Video) On January 1, 2020, Harter Company had Accounts Receivable $139,000, Notes Receivable $25,000, and Allowance for Doubtful Accounts $13,200. The note receivable is from Willingham Company. It is a 4-month, 9% note dated December 31, 2019. Harter Company prepares financial statements annually at December 31. During the year, the following selected transactions occurred. Jan. 5 Sold $20,000 of merchandise to Sheldon Company, terms n/15. 20 Accepted Sheldon Company’s $20,000, 3-month, 8% note for balance due. Feb. 18...

The stockholders’ equity accounts of Coronado Industries on January 1, 2022, were as follows. Preferred Stock...

The stockholders’ equity accounts of Coronado Industries on January 1, 2022, were as follows. Preferred Stock (8%, $100 par noncumulative, 5,000 shares authorized) $495,000 Common Stock ($10 stated value, 800,000 shares authorized) 1,550,000 Paid-in Capital in Excess of Par Value—Preferred Stock 65,000 Paid-in Capital in Excess of Stated Value —Common Stock 910,000 Retained Earnings 760,000 Treasury Stock (8,400 common shares) 67,200 During 2022, the corporation had the following transactions and events pertaining to its stockholders’ equity. Mar 1 Issued 6,900...

On January 1, 2014 Primo Corporation had the following had the following equity accounts. Amount in...

On January 1, 2014 Primo Corporation had the following had the following equity accounts. Amount in OMR Share Capital – Ordinary 750,000 (OMR 10 par value, 75,000 shares issued and outstanding) Share Premium – Ordinary 200,000 Retained Earnings 540,000 During the year, the following transactions occurred. Jan. 15 Declared an OMR 1 cash dividend per share to shareholders of record on January 31, payable on February 15. Feb. 15 Paid the dividend declared in January. Apr. 15 Declared a 30%...

Pierce Corporation reported a $3,600 balance in accounts receivable on January 1, 2014. During the year,...

Pierce Corporation reported a $3,600 balance in accounts receivable on January 1, 2014. During the year, $24,800 of sales on account were made. During the year, Price wrote off accounts receivable of $1,700 as uncollectible. If the ending balance of accounts receivable is $2,000, what is the amount of cash received from customers?

What is accounts receivable? What is notes receivable and how are they different than accounts receivable?...

What is accounts receivable? What is notes receivable and how are they different than accounts receivable? How do creditors decide to extend credit to their customers? What processes do credit managers use to evaluate new customers? Now explain the allowance for doubtful accounts and provide examples.

On January 1, ABC Company had $190,000 in Accounts Receivable and during the month had Credit...

On January 1, ABC Company had $190,000 in Accounts Receivable and during the month had Credit sales of $370,000 and Cash sales of $200,000. During January, ABC collected $310,000 on account and wrote off a $12,000 receivable. Also, during January, ABC had Sales Allowances of $9,000; Sales Discounts of $16,000; and Sales Returns of $17,500. ABC managed to collect $3,800 of a previously written off account during January. The balance in the Allowance for Uncollectible Accounts on January 1 was...

1. Please describe the difference between an accounts receivable and a notes receivable. 2. There are...

1. Please describe the difference between an accounts receivable and a notes receivable. 2. There are times when businesses cannot collect the money that is owed to them by their customers. When this happens, businesses incur an expense. There are two methods for recording uncollectible receivables. They are the allowance method and the direct write off method. Please explain the difference between these two methods. *****Please post your answer as a typing or text, not as a photo!!!

Question