Journalize the following transactions for Falcon Company: 201X Apr. 18 Received an $11,000, 90-day, 4% note from
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Journalize the following transactions for Falcon Company:
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201X Apr. 18 Received an $11,000, 90-day, 4% note from Cathy Bora in payment of account past due. 9 Wrote off the April Deacy account as uncollectible for $640. (Falcon uses the Allowance method to record bad debts.) May July 17 Cathy Bora paid Falcon the note in full. Nov. 11 Gave Quiet Company a $21,000, 30-day, 8% note as a time extension of account now past due. 15 April Deary paid Falcon the amount previously written off on May 9. 3 Discounted its own $6,000, 60-day note at Dunstable Bank at 9%. 5 Received a $5,000, 90-day, 10% note dated December 5 from Vickey Jacob in payment of account past due. Nov. Dec. Dec. Dec. 11 Paid principal and interest due on the note issued to Quiet Company from November 11. 16 Received a $15,000, 90-day, 10% note from Zoe Company in payment of account past due. Dec. Dec. 23 Discounted the Vickey Jacob note ta Swanson Bank at 10%. Dec. 31 Recorded adjusting entries as appropriate.
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FALCON COMPANY GENERAL JOURNAL PAGE 2 Date 201X Account Titles and Description PR Dr Cr Apr 18 Notes ...View the full answer
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College Accounting A Practical Approach
ISBN: 9780134729312
14th Edition
Authors: Jeffrey Slater, Mike Deschamps
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