On January 1, 2012, Moline Company had Accounts Receivable $154,000; Notes Receivable of $12,000; and Allowance for

Question:

On January 1, 2012, Moline 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, 2011.

Moline Company prepares financial statements annually. During the year, the following selected transactions occurred.

Jan. 5 Sold $10,000 of merchandise to Flint Company, terms n/15.

20 Accepted Flint Company’s $10,000, 3-month, 9% note for balance due.

Feb. 18 Sold $4,000 of merchandise to Zinck Company and accepted Zinck’s $4,000, 6-month, 8% note for the amount due.

Apr. 20 Collected Flint Company note in full.

30 Received payment in full from Hartwig Company on the amount due.

May 25 Accepted Aberd Inc.’s $9,000, 6-month, 8% note in settlement of a past-due balance on account.

Aug. 18 Received payment in full from Zinck Company on note due.

Sept. 1 Sold $5,000 of merchandise to Cosier Company and accepted a $5,000,

6-month, 9% note for the amount due.

Instructions

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

Financial Statements
Financial statements are the standardized formats to present the financial information related to a business or an organization for its users. Financial statements contain the historical information as well as current period’s financial... Accounts Receivable
Accounts receivables are debts owed to your company, usually from sales on credit. Accounts receivable is business asset, the sum of the money owed to you by customers who haven’t paid.The standard procedure in business-to-business sales is that...