7) Kader Company had the following balances on January 1, 2022: Allowance for doubtful accounts Notes...

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7) Kader Company had the following balances on January 1, 2022: Allowance for doubtful accounts Notes receivable $ 2,600 56,000 +Prepare general journal entries for the following transactions of Kader Company: Mar. 21 Apr. 25 May 10 June 24 29 Dec. 31 Discounted a $10,000, 9%, 120-day note dated March 1, received from Creed Corp, at the bank at 12%. Sold $4,500 of merchandise to Finn Corp., receiving a 10%, 60-day note receivable. Wrote off $1,800 account owed by Friller as worthless. Note signed by Finn Corp. on April 25 was dishonoured. Received a memo from the bank that the note discounted on March 21 was collected Uncollectible accounts receivable were estimated to be $3,200. 7) Kader Company had the following balances on January 1, 2022: Allowance for doubtful accounts Notes receivable $ 2,600 56,000 +Prepare general journal entries for the following transactions of Kader Company: Mar. 21 Apr. 25 May 10 June 24 29 Dec. 31 Discounted a $10,000, 9%, 120-day note dated March 1, received from Creed Corp, at the bank at 12%. Sold $4,500 of merchandise to Finn Corp., receiving a 10%, 60-day note receivable. Wrote off $1,800 account owed by Friller as worthless. Note signed by Finn Corp. on April 25 was dishonoured. Received a memo from the bank that the note discounted on March 21 was collected Uncollectible accounts receivable were estimated to be $3,200.

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General Journal Entries for Kader Company Mar 21 Discounted a 10000 9 120day note dated March 1 rece... View the full answer