On January 1, 2010, Kloppenberg Company had Accounts Receivable $139,000, Notes Receivable $25,000, and Allowance for Doubtful Accounts $13,200.The note receivable is from Sara Rogers Company. It is a 4 month, 12% note dated December 31, 2009. Kloppenberg Company prepares financial statements annually. During the year the following selected transactions occurred.
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Jan. 5 |
Sold $20,000 of merchandise to Dedonder Company, terms n/15. |
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20 |
Accepted Dedonder Company’s $20,000, 3 month, 9% note for balance due. |
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Feb. 18 |
Sold $8,000 of merchandise to Ludwig Company and accepted Ludwig’s $8,000, 6 month, 9% note for the amount due. |
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Apr. 20 |
Collected Dedonder Company note in full. |
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30 |
Received payment in full from Sara Rogers Company on the amount due. |
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May 25 |
Accepted Jenks Inc.’s $4,000, 3 month, 7% note in settlement of a past due balance on account. |
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Aug. 18 |
Received payment in full from Ludwig Company on note due. |
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25 |
The Jenks Inc. note was dishonored. Jenks Inc. is not bankrupt; future payment is anticipated. |
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Sept. 1 |
Sold $12,000 of merchandise to Lena Torme Company and accepted a $12,000, 6 month, 10% note for the amount due. |
Instructions
Journalize the transactions.