On January 1, 2014, Alter Company had Accounts Receivable $154,000; Notes Receivable of $12,000; and Allowance for Doubtful Accounts of $13,200. The note receivable is from Hartwig Company. It is a 4-month, 9% note dated December 31, 2013. Alter Company prepares financial statements annually. During the year, the following selected transactions occurred.
Jan. 5 Sold $10,000 of merchandise to Flynn Company, terms n/15.
20 Accepted Flynn Company’s $10,000, 3-month, 6% note for balance due.
Feb. 18 Sold $4,000 of merchandise to Mink Company and accepted Mink’s $4,000,
6-month, 8% note for the amount due.
Apr. 20 Collected Flynn Company note in full.
30 Received payment in full from Hartwig Company on the amount due.
May 25 Accepted Creech Inc.’s $9,000, 6-month, 4% note in settlement of a past-due balance on account.
Aug. 18 Received payment in full from Mink Company on note due.
Sept. 1 Sold $5,000 of merchandise to Glazer Company and accepted a $5,000,
6-month, 6% note for the amount due.

Journalize the transactions. (Omit cost of goods sold entries.)

  • CreatedApril 07, 2014
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