On January 1, 2022, Kingbird, Inc. had Accounts Receivable of $49,900 and Allowance for Doubtful Accounts of $3,500. Kingbird, Inc. prepares financial statements annually. During the year, the following selected transactions occurred:Jan.  5 Sold $3,450 of merchandise to Rian Company, terms n/30.Feb.  2 Accepted a $3,450, 4-month, 8% promissory note from Rian Company for balance due.12 Sold $11,800 of merchandise to Cato Company and accepted Cato’s $11,800, 2-month, 9% note for the balance due.26 Sold $5,300 of merchandise to Malcolm Co., terms n/10.Apr.  5 Accepted a $5,300, 3-month, 8% note from Malcolm Co. for balance due.12 Collected Cato Company note in full.June  2 Collected Rian Company note in full.15 Sold $2,200 of merchandise to Gerri Inc. and accepted a $2,200, 6-month, 11% note for the amount due.  Journalize the transactions. (Omit cost of goods sold entries.) (Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.)DateAccount Titles and ExplanationDebitCreditChoose a transaction date                                                           Jan. 5Feb. 2Feb. 12Feb. 26Apr. 5Apr.12June 2June 15Enter an account titleEnter a debit amountEnter a credit amount Enter an account titleEnter a debit amountEnter a credit amountChoose a transaction date                                                           Jan. 5Feb. 2Feb. 12Feb. 26Apr. 5Apr.12June 2June 15Enter an account titleEnter a debit amountEnter a credit amount Enter an account titleEnter a debit amountEnter a credit amountChoose a transaction date                                                           Jan. 5Feb. 2Feb. 12Feb. 26Apr. 5Apr.12June 2June 15Enter an account titleEnter a debit amountEnter a credit amount Enter an account titleEnter a debit amountEnter a credit amountChoose a transaction date                                                           Jan. 5Feb. 2Feb. 12Feb. 26Apr. 5Apr.12June 2June 15Enter an account titleEnter a debit amountEnter a credit amount Enter an account titleEnter a debit amountEnter a credit amountChoose a transaction date                                                           Jan. 5Feb. 2Feb. 12Feb. 26Apr. 5Apr.12June 2June 15Enter an account titleEnter a debit amountEnter a credit amount Enter an account titleEnter a debit amountEnter a credit amountChoose a transaction date                                                           Jan. 5Feb. 2Feb. 12Feb. 26Apr. 5Apr.12June 2June 15Enter an account titleEnter a debit amountEnter a credit amount Enter an account titleEnter a debit amountEnter a credit amount Enter an account titleEnter a debit amountEnter a credit amountChoose a transaction date                                                           Jan. 5Feb. 2Feb. 12Feb. 26Apr. 5Apr.12June 2June 15Enter an account titleEnter a debit amountEnter a credit amount Enter an account titleEnter a debit amountEnter a credit amount Enter an account titleEnter a debit amountEnter a credit amountChoose a transaction date                                                           Jan. 5Feb. 2Feb. 12Feb. 26Apr. 5Apr.12June 2June 15Enter an account titleEnter a debit amountEnter a credit amount Enter an account titleEnter a debit amountEnter a credit amount

Question
Asked Nov 24, 2019
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On January 1, 2022, Kingbird, Inc. had Accounts Receivable of $49,900 and Allowance for Doubtful Accounts of $3,500. Kingbird, Inc. prepares financial statements annually. During the year, the following selected transactions occurred:

Jan.  5   Sold $3,450 of merchandise to Rian Company, terms n/30.
Feb.  2   Accepted a $3,450, 4-month, 8% promissory note from Rian Company for balance due.
12   Sold $11,800 of merchandise to Cato Company and accepted Cato’s $11,800, 2-month, 9% note for the balance due.
26   Sold $5,300 of merchandise to Malcolm Co., terms n/10.
Apr.  5   Accepted a $5,300, 3-month, 8% note from Malcolm Co. for balance due.
12   Collected Cato Company note in full.
June  2   Collected Rian Company note in full.
15  

Sold $2,200 of merchandise to Gerri Inc. and accepted a $2,200, 6-month, 11% note for the amount due.

 

 

Journalize the transactions. (Omit cost of goods sold entries.) (Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.)

Date
Account Titles and Explanation
Debit
Credit
Choose a transaction date                                                           Jan. 5Feb. 2Feb. 12Feb. 26Apr. 5Apr.12June 2June 15
Enter an account title
Enter a debit amount
Enter a credit amount
 
Enter an account title
Enter a debit amount
Enter a credit amount
Choose a transaction date                                                           Jan. 5Feb. 2Feb. 12Feb. 26Apr. 5Apr.12June 2June 15
Enter an account title
Enter a debit amount
Enter a credit amount
 
Enter an account title
Enter a debit amount
Enter a credit amount
Choose a transaction date                                                           Jan. 5Feb. 2Feb. 12Feb. 26Apr. 5Apr.12June 2June 15
Enter an account title
Enter a debit amount
Enter a credit amount
 
Enter an account title
Enter a debit amount
Enter a credit amount
Choose a transaction date                                                           Jan. 5Feb. 2Feb. 12Feb. 26Apr. 5Apr.12June 2June 15
Enter an account title
Enter a debit amount
Enter a credit amount
 
Enter an account title
Enter a debit amount
Enter a credit amount
Choose a transaction date                                                           Jan. 5Feb. 2Feb. 12Feb. 26Apr. 5Apr.12June 2June 15
Enter an account title
Enter a debit amount
Enter a credit amount
 
Enter an account title
Enter a debit amount
Enter a credit amount
Choose a transaction date                                                           Jan. 5Feb. 2Feb. 12Feb. 26Apr. 5Apr.12June 2June 15
Enter an account title
Enter a debit amount
Enter a credit amount
 
Enter an account title
Enter a debit amount
Enter a credit amount
 
Enter an account title
Enter a debit amount Enter a credit amount
Choose a transaction date                                                           Jan. 5Feb. 2Feb. 12Feb. 26Apr. 5Apr.12June 2June 15
Enter an account title
Enter a debit amount
Enter a credit amount
 
Enter an account title
Enter a debit amount
Enter a credit amount
 
Enter an account title
Enter a debit amount
Enter a credit amount
Choose a transaction date                                                           Jan. 5Feb. 2Feb. 12Feb. 26Apr. 5Apr.12June 2June 15
Enter an account title
Enter a debit amount
Enter a credit amount
 
Enter an account title
Enter a debit amount
Enter a credit amount
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Expert Answer

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Accounts receivable:

Accounts receivable refers to the amounts to be received within a short period from customers upon the sale of goods and services on account. In other words, accounts receivable are amounts cust...

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