0 WleyPLUS 2012, Sether Company Had Accounts wileyPLUS: MywileyPLUSI I Contact L

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0 WleyPLUS 2012, Sether Company Had Accounts wileyPLUS: MywileyPLUSI I Contact LUS Kimmel, Accounting, Ge ACCOUNTING- Financial & Managerial (BUS 186 dy & Practice Gradebeok ORION Dewnloadable eTextbook CALCULATOR: FULL SCREEN PRINTER VERSION ·BACK OURCES Problem 8-6A Your answer is partially correct. Try again. On January 1, 2017, Wildhorse Co. had Accounts Receivable of $56,700 and Allowance for Doubtful Accounts of $3,800. Wildhorse Co. prepares financial statement annually. During the year, the following selected transactions occurred: y Study Jan.5 Sold $3,200 of merchandise to Rian Company, terms r/30 Feb. 2 Accepted a $3,200, 4-month, 9% promissory note from Rian Company for balance due. 12 Sold $1 3,200 of merchandse to Cato Company and accepted Cato's $13,200, 2-month,11% note for the balance due. 26 Sold $12,100 of merchandise to Malcolm Co, terms n/10. 5 | Apr. Accepted a $12,100, 3-month, 8% note from Malcolm Co. for balance due Collected Cato Company note in full 12 June 2 Collected Rian Company note in full 15 Sold S2, 100 of merchandise to Gerri Inc. and accepted a $2,100, 6-month, 12% note for the amount Journalize the transactions. (Omit cost of goods sold entries.) (Credit account titles are automatically indented when amount is entered. Do not indent mar Record journal entries in the order presented in the problem.) Date Account Tities and Explanation Debit Credit AccOunts Re Sales Revenue l Privacy Policy 1 2000-2010 Joen wner & Sons. Inc. An Rights Reserved. A Division of John waev S Sons. Inc

Explanation / Answer

The journal entries are prepard as follows:

Date Account Titles and Explanation Debit Credit Jan. 5 Accounts Receivables $3,200 Sales Revenue $3,200 Feb. 2 Notes Receivable $3,200 Accounts Receivable $3,200 Feb. 12 Notes Receivable $13,200 Sales Revenue $13,200 Feb. 26 Accounts Receivables $12,100 Sales Revenue $12,100 Apr. 5 Notes Receivable $12,100 Accounts Receivable $12,100 Apr. 12 Cash (13,200 + 13,200*11%*2/12) $13,442 Notes Receivable $13,200 Interest Revenue (13,200*11%*2/12) $242 June 2 Cash (3,200 + 3,200*9%*4/12) $3,296 Notes Receivable $3,200 Interest Revenue (3,200*9%*4/12) $96 June 2 Notes Receivable $2,100 Sales Revenue $2,100

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