Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. on january 1, 2025, oriole company had accounts re

On January 1, 2025, Oriole Company had Accounts Receivable of $59,500 and Allowance for Doubtful...

50.1K

Verified Solution

Question

Accounting

image
image
image
On January 1, 2025, Oriole Company had Accounts Receivable of $59,500 and Allowance for Doubtful Accounts of $4,000, Oriole Company prepares financial statements annually. During the year, the following selected transactions occurred. Jan. 5 Sold $3,900 of merchandise to Rian Company, terms n/30. Feb. 2 Accepted a $3,900,4-month, 8% promisson note from Rian Company for balance due. 12 Sold $19,200 of merchandise to Cato Company and accepted Cato's $19,200,2 - month, 11\% note for the balance due. 26 Sold $4,900 of merchandise to Malcolm Co, terms n/10. Apr. 5 Accepted a $4,900,3-month, 8% note from Malcolm Ca. for balance due. 12 Collected Cato Company note in full. June 2 Collected Rian Company note in full. 15 Sold $1,800 of merchandise to Gerri inc. and accepted a $1,800,6-month, 13% note for the amount due. Journalize the transactions. (Omit cost of goods sold entries.) (List all debit entries before credit entries. Credit occount tities are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem. If no entry is required, select "No Entry" for the account titles and enter Ofor the amounts.)

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Q

Exodus Limousine Company has $1,000 par value bonds outstanding at 18 percent interest. The bonds will...

Finance
Q

1) What is the major concern with ceramic on ceramic joints?    2)What is the major...

Medical Sciences
Q

Given the warming climate, you are interested in how seed production of a certain plant species...

Biology
Q

The laundry bleach is listed at 5.25% m/m NaClO. Calculate the concentration of the NaClO in...

Chemistry
Q

You are to implement the following in VHDL: D flip-flop D flip-flop       with enable and reset J-K flip flop with...

Electrical Engineering
Q

(3) (a) Show that every two-dimensional subspace of R3 is the kernel of some linear transformation...

Advance Math
Q

8 SPIRAL 3 03 Which of the following reasons could you not use to prove...

Geometry
Q

Find the perimeter of the rectangle Express the perimeter using the same unit of measure...

Basic Math
Q

Factory Overhead Controllable Variance Bellingham Company produced 5,700 units of product that required 2.5 standard...

Accounting
Q

AaB+CeDdEe AaB A ADA Body Text Heading 1 He Capital Budgeting West Fraser Timber Co....

Accounting
Q

and are what you see when you open Excel O None of these answers O...

Accounting
Q

Any future changes in rent incentive estimate would not affect accounts retroactively.

Accounting