Candy company had the following transactions during the current year Apr 8 received a $7200, 75 day,
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Apr 8 received a $7200, 75 day, 10% note from L. Trance in payment of account
May 24 wrote off customer J. Nut's account against the allowance for uncollectible accounts, $575
Jun 2 received payment of L. Trance's note in full
Sept 10 gave a $56000, 90 day, 11% note to H. Ali in payment of account
Sept 18 received payment of Nut's account, written off May 24
Dec 4 discounted its own $18000, 90 day note at the bank at 12%. Dec 9 paid principle and interest due on note to H. Ali
Dec 21 received a $75000, 60 day, 12% note from L. Cindy on account
Record the above transactions in general journal form
Make any necessary adjusting entries for interest at Dec 31.
Related Book For
Income Tax Fundamentals 2013
ISBN: 9781285586618
31st Edition
Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill
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