Prepare necessary journal entries including closing books

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Reference no: EM131219741

Prepare all necessary journal entries including closing the books.

1. on Feb. Company A issued a note for $12,000 which pays a 6% interest rate.

2. on April 1st Company A's customer paid 38,000 out of 40,000 outstanding balance. No other payments were received from a customer during the year. The company estimates bad debts at 8% of customer balances each year, and this receivable is considered collectible at year end.

3. In July sold an inventory costing 15,000 for 50,000 on account.

Reference no: EM131219741

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