On January 1, 2020, Waterway Industries had Accounts Receivable of $53,500 and Allowance for Doubtful Accounts...

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On January 1, 2020, Waterway Industries had Accounts Receivable of $53,500 and Allowance for Doubtful Accounts of $3,800. Waterway Industries prepares financial statements annually. During the year, the following selected transactions occurred: Jan. 5 Sold $3,200 of merchandise to Rian Company, terms n/30. Feb. 2 Accepted a $3,200, 4-month, 9% promissory note from Rian Company for the balance due. 12 Sold $12,180 of merchandise to Cato Company and accepted Cato's $12,180, 2-month, 10% note for the balance due. 26 Sold $5,700 of merchandise to Malcolm Co., terms n/10. Apr. 5 Accepted a $5,700, 3-month, 7% note from Malcolm Co. for the balance due. 12 Collected Cato Company note in full. June 2 Collected Rian Company note in full. 15 Sold $1,900 of merchandise to Gerri Inc. and accepted a $1,900, 6-month, 13% note for the amount due. Requirements: Journalize all journal entries required on the above dates. On January 1, 2020, Waterway Industries had Accounts Receivable of $53,500 and Allowance for Doubtful Accounts of $3,800. Waterway Industries prepares financial statements annually. During the year, the following selected transactions occurred: Jan. 5 Sold $3,200 of merchandise to Rian Company, terms n/30. Feb. 2 Accepted a $3,200, 4-month, 9% promissory note from Rian Company for the balance due. 12 Sold $12,180 of merchandise to Cato Company and accepted Cato's $12,180, 2-month, 10% note for the balance due. 26 Sold $5,700 of merchandise to Malcolm Co., terms n/10. Apr. 5 Accepted a $5,700, 3-month, 7% note from Malcolm Co. for the balance due. 12 Collected Cato Company note in full. June 2 Collected Rian Company note in full. 15 Sold $1,900 of merchandise to Gerri Inc. and accepted a $1,900, 6-month, 13% note for the amount due. Requirements: Journalize all journal entries required on the above dates.

Answer rating: 100% (QA)

Date Accounting titles Explanations 5Jan Account receivableRian Sales 2Feb Note receivable Account ... View the full answer