a. The maturity date of the March 1 note is April 29 and that of November 1 note is Jan. 29.
b. Journal Entries:
2020
Jan. 15 Debit Cost of goods sold $25,200
Credit Inventory $25,200
Debit Accounts Receivable (JanCo.) $29,400
Credit Sales Revenue $29,400
terms 3/5, n/15.
Jan. 16 Debit Allowance for Doubtful Accounts $15,200
Credit Accounts Receivable (Fedun) $15,200
Jan. 20 Debit Cash $28,518
Debit Cash Discounts $882
Credit Accounts Receivable (JanCo.) $29,400
Mar. 1 Debit Notes Receivable $12,080
Credit Accounts Receivable (Parker Holdings) $12,080
60-day, 7% note
Apr. 15 Debit Cost of goods sold $62,200
Inventory $62,200
Debit Cash from Visa $70,606
Debit Visa Card Expense $714
Credit Sales Revenue $71,400
April 29 Debit Cash $12,219
Credit Accounts Receivable (Parker Holdings) $12,080
Credit Interest Received $139
Nov. 1 Debit Notes Receivable $24,400
Credit Accounts Receivable (Grant Company) $24,400
three-month, 6% note
Dec. 31 Debit Interests Receivable $244.67
Credit Interest Income $244.67
($24,400 x 6% x 61/12)
Dec. 31 Debit Bad Debts Expense $9,700
Credit Allowance for Doubtful Accounts $9,700
2021
Jan. 29 Debit Accounts Receivable (Grant Company) $24,760.99
Credit Notes Receivable $24,400
Credit Interests Receivable (Grant Company) $244.67
Credit Interest Income $116.32
dishonoured its note dated November 1, 2020.
Mar. 5 Debit Accounts Receivable (Derek Holston) $1,500
Credit Allowance for Doubtful Accounts $1,500
Debit Cash $1,500
Credit Accounts Receivable (Derek Holston) $1,500
Mar. 14 Debit Allowance for Doubtful Accounts $24,760.99
Credit Accounts Receivable (Grant Company) $24,760.99
Data Analysis:
2020
Jan. 15 Cost of goods sold $25,200 Inventory $25,200 Accounts Receivable (JanCo.) $29,400 Sales Revenue $29,400 terms 3/5, n/15.
Jan. 16 Allowance for Doubtful Accounts $15,200 Accounts Receivable (Fedun) $15,200
Jan. 20 Cash $28,518 Cash Discounts $882 Accounts Receivable (JanCo.) $29,400
Mar. 1 Notes Receivable $12,080 Accounts Receivable (Parker Holdings) $12,080 60-day, 7% note
Apr. 15 Cost of goods sold $62,200 Inventory $62,200 Cash from Visa $70,606 Visa Card Expense $714 Sales Revenue $71,400
April 29 Cash $12,219 Accounts Receivable (Parker Holdings) $12,080 Interest Received $139
Nov. 1 Notes Receivable $24,400 Accounts Receivable (Grant Company) $24,400, three-month, 6% note
Dec. 31 Interests Receivable $244.67 Interest Income $244.67 ($24,400 x 6% x 61/12)
31 Bad Debts Expense $9,700 Allowance for Doubtful Accounts $9,700
Allowance for Doubtful Accounts showed an unadjusted credit balance of $1,620 on this date.
2021
Jan. 29 Accounts Receivable (Grant Company) $24,760.99 Notes Receivable $24,400 Interests Receivable (Grant Company) $244.67 Interest Income $116.32
dishonoured its note dated November 1, 2020.
Mar. 5 Accounts Receivable (Derek Holston) $1,500 Allowance for Doubtful Accounts $1,500 Cash $1,500 Accounts Receivable (Derek Holston) $1,500
Mar. 14 Allowance for Doubtful Accounts $24,760.99 Accounts Receivable (Grant Company) $24,760.99
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