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L AAA Co, issued a 120-day, 6% note payable for $10,000 to a creditor on...

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Accounting

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L AAA Co, issued a 120-day, 6% note payable for $10,000 to a creditor on account. The company uses a 360-day year for interest calculations. Journalize the entries to record(a) the issuance of the note and (b) the payment of the note at maturity, including interest (5 pts) Ref Account Debit Credit a b. 2. At the end of the current year, Accounts Receivable has a balance of $90,000; Allowance for Doubtful Accounts has a credit balance of $850; and net sales for the year total $300,000. An aging analysis show that 25% of the receivables balance is not collectible. Determine the following: (a) The adjusting entry for Bad Debt expense: (2 pts) O Ref Credit Account Debit (b) List the Adjusted balances (balances after posting adjustments) of the following:3pts.) Accounts Receivable Allowance for Doubtful Accounts... Bad Debt Expense

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