Reference no: EM132885096
Question - Robinson Company completed the following transaction during the last three months of 2019. Robinson Company uses the perpetual inventory system. Robinson uses the allowance method to write-off uncollectible account.
2019
Oct. 14 Sold $10,000 of merchandise to Bruce Company and received a 60-day, 9% note as payment of purchase.
Oct. 16 Sold $900 of merchandise to a customer who pay by a bank VISA credit card. Credit card charge fee was 2% of sales.
Nov. 16 Sold $12,000 of merchandise to Brighton Company and received a 60-day, 8% note as payment of purchase.
Dec. 13 Bruce Company defaulted on the note and the amount was transferred to an accounts receivable on this maturity date of note.
Dec. 31 Wrote off Bruce Company 9% 60-day note since Bruce has passed away and the company has been sold.
Dec. 31 Adjusting entry for the accrued interest on the Brighton Company's note. (Use 360 days in the calculation of interest, and round to the nearest dollar)
Required -
a) Prepare journal entries to record these transactions. (Explanation is not required).
b) (i) When is the maturity date of Brighton's note dated Nov 16.
(ii) Prepare journal entry to record payment of this note upon maturity.
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