On January 1 2010 Sands Company had Accounts

Receivable of
On January 1, 2010, Sands Company had Accounts Receivable of $54,200 and Allowance for
Doubtful Accounts of $3,700. Sands Company prepares financial statements annually and uses
a perpetual inventory system. During the year the following selected transactions occurred.Jan.
5 Sold $7,000 of merchandise to Norris Company, terms n/30. Cost of the merchandise sold
was $4,000.Feb. 2 Accepted a $7,000, 4-month, 9% promissory note from Norris Company for
balance due.12 Sold $9,000 of merchandise costing $5,000 to Loflin Company and accepted
Loflin’s $9,000, 2-month, 10% note for the balance due.26 Sold $5,200 of merchandise costing
$3,300 to Hossfeld Co., terms n/10.Apr. 5 Accepted a $5,200, 3-month, 8% note from Hossfeld
Co. for balance due.12 Collected Loflin Company note in full.June 2 Collected Norris Company
note in full.15 Sold $2,000 of merchandise costing $1,500 to Madrid Inc. and accepted a
$2,000, 6-month, 12% note for the amount due.InstructionsJournalize the transactions.View
Solution:
On January 1 2010 Sands Company had Accounts Receivable of
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accounts-receivable-of/

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