Reference no: EM13784730
On January 1, 2010, Moxley Company had Accounts Receivable $154,000; Notes Receivable of $11,000; and Allowance for Doubtful Accounts of $13,200. The note receivable is from Hoelter Company. It is a 4-month, 9% note dated December 31, 2009. Moxley Company prepares financial statements annually. During the year the following selected transactions occurred. (Moxley Company uses a periodic inventory system.)
Jan. 5 Sold $10,000 of merchandise to Frizell Company, terms n/15.
20 Accepted Frizell Company's $10,000, 3-month, 9% note for balance due.
Feb. 18 Sold $4,000 of merchandise to Zheng Company and accepted Zheng's $4,000, 6-month, 10% note for the amount due.
Apr. 20 Collected Frizell Company note in full.
30 Received payment in full from Hoelter Company on the amount due.
May 25 Accepted Ardan Inc.'s $9,000, 6-month, 8% note in settlement of a past-due balance on account.
Aug. 18 Received payment in full from Zheng Company on note due.
Sept. 1 Sold $8,000 of merchandise to Charles Company and accepted an $8,000, 6-month, 10% note for the amount due.
Instructions
Journalize the transactions.
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: On January 1, 2010, Moxley Company had Accounts Receivable $154,000; Notes Receivable of $11,000; and Allowance for Doubtful Accounts of $13,200.
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