On january 1,2018 carly company has account receivable $109,000 and allowance for doubtful accounts $10,000. carly...

On january 1,2018 carly company has account receivable $109,000 and allowance for doubtful accounts $10,000. carly prepares financial statement annually. During the year the following selected transactions occurred.

Jan 5 Sold $12,000 of merchandise to Sam company terms n/30

Feb 2 Accepted a $12,000, 4-month, 10% promissory note from sam company for the balance due.

Feb 12 Sold$15,000 of merchandise to Neville company and accepted neville $15,000, 2-month , 10% note for the balance due.

Apr 12 Collected Neville company note in full

Jun 2 Collected sam company note in full

July 15 Sold $11,000 of merchandise to Hut co. and accepted Hut $11,000, 3-month, 12% note for the amount due.

Oct 15 Hut Co's note was dishonored. Hut Co. is bankrupt, and there is no hope of future settlement.

A) Journalize the transaction?

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ekkarill92 answered 1 year ago

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On january 1,2018 carly company has account receivable $109,000 and allowance for doubtful accounts $10,000. carly...

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