On January 1, 2012, Moline Company had Accounts Receivable $154,000; Notes Receivable of $12,000; and Allowance for Doubtful Accounts of $13,200. The note receivable is from Hartwig Company. It is a 4 month, 9% note dated December 31, 2011.
Moline Company prepares financial statements annually. During the year, the following selected transactions occurred.
Jan. 5 Sold $10,000 of merchandise to Flint Company, terms n/15.
20 Accepted Flint Company’s $10,000, 3 month, 9% note for balance due.
Feb. 18 Sold $4,000 of merchandise to Zinck Company and accepted Zinck’s $4,000, 6 month, 8% note for the amount due.
Apr. 20 Collected Flint Company note in full.
30 Received payment in full from Hartwig Company on the amount due.
May 25 Accepted Aberd Inc.’s $9,000, 6 month, 8% note in settlement of a past due balance on account.
Aug. 18 Received payment in full from Zinck Company on note due.
Sept. 1 Sold $5,000 of merchandise to Cosier Company and accepted a $5,000,
6 month, 9% note for the amount due.
Instructions
Journalize the transactions. (Omit cost of goods sold entries.)
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