Problem 8-6A On January 1, 2017, Nash's Trading Post, LLC had Accounts Receivable of $57,300...
90.2K
Verified Solution
Link Copied!
Question
Accounting
Problem 8-6A On January 1, 2017, Nash's Trading Post, LLC had Accounts Receivable of $57,300 and Allowance for Doubtful Accounts of $3,500. Nash's Trading Post, LLC prepares financial statements annually. During the year, the following selected transactions occurred: Jan. 5 Sold $4,500 of merchandise to Rian Company, terms n/30. Feb. 2 Accepted a $4,500, 4-month, 10% promissory note from Rian Company for balance due. 12 Sold $14,400 of merchandise to Cato Company and accepted Catos $14,400, 2-month, 10% note for the balance due. 26 Sold $12,500 of merchandise to Malcolm Co., terms n/10. Apr. 5 Accepted a $12,500, 3-month, 8% note from Malcolm Co. for balance due. 12 Collected Cato Company note in full. June 2 Collected Rian Company note in full. 15 Sold $2,100 of merchandise to Gerri Inc. and accepted a $2,100, 6-month, 11% note for the amount due. Journalize the transactions. (Omit cost of goods sold entries.) (Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.)
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!
