On January i, 2012, Salmon Company had $30 000 and Allowance for Doubtful Accounts $15 200. Account payable 140 800 and Common stock 24 000. The note receivable is from Stacy Richter Company. It is a 4-month, 12% note dated December 31, 2011. Salmon Company prepares financial statements annually. During the year, the following selected transactions ocçurred. Jan. Sold $30 000 of merchandise to Dolores Company, terms n/15. The cost of this 5 merchandise is $11 000. Accepted Bernard Company's $30 000, 3-month, 9 % note for balance due. Sold $18 000 of merchandise to LaBamba Company and accepted LaBamba's 20 Feb. 18 $8 000, 6-month, 9% note for the amount due. Apr. Collected Dolores Company note in full. Received payment in full from Stacy Richter Company on the amount due. Sold merchandise on account to Jaclyn Company for $4 000, terms 2/10, n/30. Salmon Company purchased S1 500 merchandise on account from Highley 20 30 Aug. Aug. Company, term 5/15, n/30. Aug. 20 Aug 25 ep. 1 17 18 Jaclyn Company returned merchandise worth $500 to Salmon Co. Salmon collected the amount due from Jaclyn Company in full. Salmon paid the amount due to Highley Company in full Journalize the transactions. Prepare final Balance Sheet, Income Statement
On January i, 2012, Salmon Company had $30 000 and Allowance for Doubtful Accounts $15 200. Account payable 140 800 and Common stock 24 000. The note receivable is from Stacy Richter Company. It is a 4-month, 12% note dated December 31, 2011. Salmon Company prepares financial statements annually. During the year, the following selected transactions ocçurred. Jan. Sold $30 000 of merchandise to Dolores Company, terms n/15. The cost of this 5 merchandise is $11 000. Accepted Bernard Company's $30 000, 3-month, 9 % note for balance due. Sold $18 000 of merchandise to LaBamba Company and accepted LaBamba's 20 Feb. 18 $8 000, 6-month, 9% note for the amount due. Apr. Collected Dolores Company note in full. Received payment in full from Stacy Richter Company on the amount due. Sold merchandise on account to Jaclyn Company for $4 000, terms 2/10, n/30. Salmon Company purchased S1 500 merchandise on account from Highley 20 30 Aug. Aug. Company, term 5/15, n/30. Aug. 20 Aug 25 ep. 1 17 18 Jaclyn Company returned merchandise worth $500 to Salmon Co. Salmon collected the amount due from Jaclyn Company in full. Salmon paid the amount due to Highley Company in full Journalize the transactions. Prepare final Balance Sheet, Income Statement
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter6: Cash And Receivables
Section: Chapter Questions
Problem 11RE: On December 1 of the current year, Jordan Inc. assigns 125,000 of its accounts receivable to...
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Transcribed Image Text:On January 1, 2012, Salmon Company had Account Receivable S150 000. Note
$30 000 and Allowance for Doubtful Accounts SI5 200, Account payable 140 800 and Common
stock 24 000. The note receivable is from Stacy Richter Company. It is a 4-month, 12% note dated
December 31, 2011. Salmon Company prepares financial statements annually. During the year, the
following selected transactions ocçurred.
ble
Jan.
Sold S30 000 of merchandise to Dolores Company, terms n/15. The cost of this
5
merchandise is $11 000.
Accepted Bernard Company's S30 000, 3-month, 9 % note for balance due.
20
Feb.
Sold $18 000 of merchandise to LaBamba Company and accepted LaBamba's
18
$8 000, 6-month, 9% note for the amount due.
Collected Dolores Company note in full.
Received payment in full from Stacy Richter Company on the amount due.
Sold merchandise on account to Jaclyn Company for $4 000, terms 2/10, n/30.
Salmon Company purchased $1 500 merchandise on account from Highley
20
Apr.
30
Aug.
17
Aug 18
Company, term 5/15, n/30.
Aug. 20
Aug. 25
Sep. 1
Jaclyn Company returned merchandise worth $500 to Salmon Co.
Salmon collected the amount due from Jaclyn Company in full.
Salmon paid the amount due to Highley Company in full
Journalize the transactions.
Prepare final Balance Sheet, Income Statement
a.
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