Question

Journalize the following transactions for Alden Company:
201X
Apr. 18 Received a $14,000, 90-day, 9% note from Becky Falcon in payment of account past due.
May 9 Wrote off the Francis cleary account as uncollectible for $620. (Alden uses the Allowance method to record bad debts.)
July 17 Becky Falcon paid Alden the note in full.
Nov. 11 Gave Daisy Company an $8,700, 40-day, 12% note as a time extension of account now past due.
Nov. 15 Francis Cleary paid Alden amount previously written off on May 9.
Dec. 3 Discounted its own $5,000, 140-day note at Charleston Bank at 9%.
Dec. 5 Received a $15,000, 90-day, 10% note dated December 5 from Susan Quarter in payment of account past due.
Dec. 11 Paid principal and interest due on note issued to Daisy Company from November 11 note.
Dec. 16 Received a $21,000, 70-day, 12% note from Window Company in payment of account past due.
Dec. 23 Discounted the Susan Quarter note to Pike Bank at 12%.
Dec. 31 Recorded adjusting entries as appropriate.



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  • CreatedApril 24, 2014
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