Sands company had accounts receivable 55600 and allowance

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Reference no: EM13598187

On January 1, 2010, Sands Company had Accounts Receivable $55,600 and Allowance for Doubtful Accounts $5,390. Sands Company prepares financial statements annually and uses a perpetual inventory system. During the year the following selected transactions occurred.

Jan. 5	Sold $8,200 of merchandise to Norris Company, terms n/30. Cost of the merchandise sold was $4,240.
Feb. 2	Accepted a $8,200, 4-month, 9% promissory note from Norris Company for balance due.
Feb. 12	Sold $9,840 of merchandise costing $5,520 to Loflin Company and accepted Loflin's $9,840, 2-month, 10% note for the balance due.
Feb. 26	Sold $6,050 of merchandise costing $4,900 to Hossfeld Co., terms n/10.
Apr. 5	Accepted a $6,050, 3-month, 8% note from Hossfeld Co. for balance due.
Apr. 12	Collected Loflin Company note in full.
June 2	Collected Norris Company note in full.
June 15	Sold $3,890 of merchandise costing $1,850 to Madrid Inc. and accepted a $3,890, 6-month, 12% note for the amount due.

Reference no: EM13598187

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