Sullivan Equipment Sales showed the following. 2020 Jan. 15 Sold $25,450 of merchandise for $29,900 to...

 

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Sullivan Equipment Sales showed the following. 2020 Jan. 15 Sold $25,450 of merchandise for $29,900 to JanCo; terms 3/5, n/15. 16 Wrote off Fedun's account in the amount of $15,450. 20 Collected the amount owing from the January 15 sale. Accepted a $12,180, 60-day, 78 note dated this day in granting Parker Holdings a time extension on its pastdue account. Sold merchandise conting $62,450 for $71,900 to C 14 fee and deposíts the cash electronically into tne retailer's account immediately at the time of sale. Parker Boldings honoured the note dated March 1. Mar. 1 Apr. 15 omers who used their Visa credit carda. Visa charges a Nov. 1 Accepted a $24,900, three-month, 6 note dated this day in granting Grant Company a time extension on its past-due account. Sullivan's year-end. Interest was accrued on outstanding notes receivable. Dec. 31 Bad debts are based on an aging analysis that estimated $9,700 of accounta receivable are uncollectible. Allowance for Doubtful Accounts ahowed an unadjusted credit balance of $1,645 on this date. 31 2021 Grant Company dishonoured its note dated November 1, 2020. Mar. 5 Recovered $1,500 from Derek Holston that was previously written off. 14 Wrote off the Grant Company account. Required: a. Determine the maturity dates of the March 1 and November 1 notes. Answer is complete and correct. Date of Note Maturity Date March 1 April 30, 2020 Cakeinn 4 Required: a. Determine the maturity dates of the March 1 and November 1 notes. Answer is complete and correct. Date of Note March 1 November 1 Maturity Date April 30, 2020 February 1, 2021 b. Prepare entries as appropriate for each date. (Round the final answers to 2 decimal places. Use 365 days an year.) Answer is not complete. No Transactions General Journal Debit Credit 1 Accounts receivable - JanCo 29,900.00 a. Sales 29,900.00 b. Cost of goods sold Merchandise inventory 3. C. Allowance for doubtful accounts Accounts receivable - Fedun 2. Check my work mode : This shows what is correct or incorrect for the work you have completed so far. It does not indicate co Merchandise inventory 3 Allowance for doubtful accounts C. Accounts receivable - Fedun 4 d. Cash Sales discounts Accounts receivable - Janco Notes receivable - Parker Holdings Accounts receivable - Parker Holdings e. f. Cash Credit card expense Cost of goods sold Merchandise inventory 7 g. Notes receivable - Parker Holdings Interest income 8. h. Notes receivable - Grant Company Accounts receivable - Grant Company 10 Interest receivable Interest income Retur Interest income 11 Bad debt expense k. Allowance for doubtful accounts 12 Accounts receivable - Grant Company Interest receivable Interest income Notes receivable - Grant Company 13 Accounts receivable - Derek Holston m. Allowance for doubtful accounts 14 n. Cash Accounts receivable - Derek Holston 15 Allowance for doubtful accounts O. Accounts receivable - Grant Company Analysis Component: Sullivan's receivable turnovers at December 31, 2020 and 2021 were 7 and 7.5, respectively. Select the correct option for whether the change in the ratio for Sullivan was favourable or unfavourable. Change in the ratio Alnut Sullivan Equipment Sales showed the following. 2020 Jan. 15 Sold $25,450 of merchandise for $29,900 to JanCo; terms 3/5, n/15. 16 Wrote off Fedun's account in the amount of $15,450. 20 Collected the amount owing from the January 15 sale. Accepted a $12,180, 60-day, 78 note dated this day in granting Parker Holdings a time extension on its pastdue account. Sold merchandise conting $62,450 for $71,900 to C 14 fee and deposíts the cash electronically into tne retailer's account immediately at the time of sale. Parker Boldings honoured the note dated March 1. Mar. 1 Apr. 15 omers who used their Visa credit carda. Visa charges a Nov. 1 Accepted a $24,900, three-month, 6 note dated this day in granting Grant Company a time extension on its past-due account. Sullivan's year-end. Interest was accrued on outstanding notes receivable. Dec. 31 Bad debts are based on an aging analysis that estimated $9,700 of accounta receivable are uncollectible. Allowance for Doubtful Accounts ahowed an unadjusted credit balance of $1,645 on this date. 31 2021 Grant Company dishonoured its note dated November 1, 2020. Mar. 5 Recovered $1,500 from Derek Holston that was previously written off. 14 Wrote off the Grant Company account. Required: a. Determine the maturity dates of the March 1 and November 1 notes. Answer is complete and correct. Date of Note Maturity Date March 1 April 30, 2020 Cakeinn 4 Required: a. Determine the maturity dates of the March 1 and November 1 notes. Answer is complete and correct. Date of Note March 1 November 1 Maturity Date April 30, 2020 February 1, 2021 b. Prepare entries as appropriate for each date. (Round the final answers to 2 decimal places. Use 365 days an year.) Answer is not complete. No Transactions General Journal Debit Credit 1 Accounts receivable - JanCo 29,900.00 a. Sales 29,900.00 b. Cost of goods sold Merchandise inventory 3. C. Allowance for doubtful accounts Accounts receivable - Fedun 2. Check my work mode : This shows what is correct or incorrect for the work you have completed so far. It does not indicate co Merchandise inventory 3 Allowance for doubtful accounts C. Accounts receivable - Fedun 4 d. Cash Sales discounts Accounts receivable - Janco Notes receivable - Parker Holdings Accounts receivable - Parker Holdings e. f. Cash Credit card expense Cost of goods sold Merchandise inventory 7 g. Notes receivable - Parker Holdings Interest income 8. h. Notes receivable - Grant Company Accounts receivable - Grant Company 10 Interest receivable Interest income Retur Interest income 11 Bad debt expense k. Allowance for doubtful accounts 12 Accounts receivable - Grant Company Interest receivable Interest income Notes receivable - Grant Company 13 Accounts receivable - Derek Holston m. Allowance for doubtful accounts 14 n. Cash Accounts receivable - Derek Holston 15 Allowance for doubtful accounts O. Accounts receivable - Grant Company Analysis Component: Sullivan's receivable turnovers at December 31, 2020 and 2021 were 7 and 7.5, respectively. Select the correct option for whether the change in the ratio for Sullivan was favourable or unfavourable. Change in the ratio Alnut

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