Reference no: EM132083331
Question - On January 1, 2014, Oswalt Company had Accounts Receivable of $54,200 and Allowance for Doubtful Accounts of $3,700. Oswalt Company prepares financial statements annually. During the year, the following selected transactions occurred.
1. Jan. 5 Sold $4,000 of merchandise to Ross Company, terms n/30.
2. Feb. 2 Accepted a $4,000, 4-month, 9% promissory note from Ross Company for balance due.
3. Feb. 12 Sold $12,000 of merchandise to Cano Company and accepted Cano's $12,000, 2-month, 10% note for the balance due.
4. Feb. 26 Sold $5,200 of merchandise to Meachum Co., terms n/10.
5. Apr. 5 Accepted a $5,200, 3-month, 8% note from Meachum Co. for balance due.
6. Apr. 12 Collected Cano Company note in full.
7. June 2 Collected Ross Company note in full.
8. June 15 Sold $2,000 of merchandise to Glanvile Inc. and accepted a $2,000, 6-month, 12% note for the amount due.
Journalize the transactions.
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