Reference no: EM132546683
Question - Selected transaction completed by Rodrigues Company is as follows.
Rodrigues Company uses the allowance method of accounting for uncollectable accounts receivable.
Jan.28. Sold merchandise on account to Lakeland inc.$10,000.
May.1. Accepted a 60-day, 12% % note for $10,000 from Lakeland lnc .onacoount.
Apr. 11. wrote off a$4,500 account from exdel inc.as uncollectible.
Apr. 16. Loaned $7,500 cash to Thomas glazer, receiving a90-day, 14% note.
Apr. 30. Received the interest due from Lakeland Inc. And anew 90-day, 14% note as a renewal of the loan. (Record both the debit and credit to the notes re-cleavable account.)
May 1. Discounted the note from Thomas glazer at the first national bank at 10%
June 13. Reinstated the account of expel Inc, written off on April 11, and received $4,500 in full payment.
July 15. Received notice from first national bank that Thomas glazer dishonored his note. Paid the bank the maturity value of the note plus a$20 protest fee.
July 29. Received from Lakeland Inc. the amount due on its note of April 30.
Aug.14. Received from Thomas glazer the amount owed on the dishonored note. Plus interest for 30 day at 15%, computed on the maturity value of the note and the protest fee.
Dec 31. It is estimated that 2% of the credit sales of $958,600 for the year ended December 31 will be uncollectible.
Instructions - Record the transactions in general journal form.
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