te More Info -day 2016 Jul.1 Sold merchandise inventory to Stan- Mart, receiving a $41,000,...
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te More Info -day 2016 Jul.1 Sold merchandise inventory to Stan- Mart, receiving a $41,000, nine-month, 12% note. Ignore Cost of Goods Sold. 0 Oct.31 Recorded credit and debit card sales for the period of $24,000. Use the gross method. Ignore Cost of Goods Sold. Nov. 3 Card processor drafted comperi's checking account for processing fee of $470 31 Made an adjusting entry to accrue interest on the Stan-Mart note. 31 Dec. Made an adjusting entry to record bad debt expense based on an aging of accounts receivable. The aging schedule shows that $13,800 of accounts receivable will not be collected. Prior to this adjustment, the credit balance in Allowance for Bad Debts is $10,900. 2017 Apr. Jun. 1 Collected the maturity value of the Stan-Mart note. 23 ebit Sold merchandise inventory to Allure, Corp., receiving a 60-day, 6% note for $11,000. Ignore Cost of Goods Sold. nts Aug. 22 Allure, Corp. dishonored its note at maturity; the business converted the maturity value of the note to an account receivable. 16 Nov. Dec. Loaned $23,000 cash to Crenshaw, Inc., receiving a 90-day, 16% note. 5 Collected in full on account from Allure, Corp. 31 Accrued the interest on the Crenshaw Inc. note. Print Done MacBook Air
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