Seen Company has the following transactions. Prepare all required journal entries for the following. Journal...
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Accounting
Seen Company has the following transactions. Prepare all required journal entries for the following. Journal entries should be in good form. No explanations are required.
1) At December 31, the company calculates their estimated uncollectable amounts for the end of the year to be $50,000. The balance in the allowance for doubtful accounts is presently at $15,000 debit.
2) On July 1, the company sells merchandise on account for $2500 terms 2/10, n/30. The cost of the merchandise was $1250. The company uses a perpetual inventory system. The customer pays their account on July 6th.
3) On July 1, the company accepts a $24,000 note from a customer. The note bears an interest rate of 4%. Interest is due monthly with the principle due in 6 months. Prepare the entries for July and December.
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