On January 1, 2017, Concord Corporation had Accounts Receivable of
On January 1, 2017, Concord Corporation had Accounts Receivable of
$ 54,000 and Allowance for Doubtful Accounts of $3,500. Concord Corporation prepares financial statements annually. During the year, the following selected transactions occurred:
Jan.
5 Sold $ 4,800 of merchandise to Rian Company, terms n/30.
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Feb.
2 Accepted a $ 4,800, 4-month, 10% promissory note from Rian Company for balance due.
12 Sold $ 13,500 of merchandise to Cato Company and accepted Cato’s $ 13,500, 2-month, 10% note for the balance due.
26 Sold $ 12,300 of merchandise to Malcolm Co., terms n/10.
Apr.
5 Accepted a $ 12,300, 3-month, 8% note from Malcolm Co. for balance due.
12 Collected Cato Company note in full.
June
2 Collected Rian Company note in full.
15 Sold $ 1,900 of merchandise to Gerri Inc. and accepted a $ 1,900, 6-month, 12% note for the amount due.
How do you write these as debts and credits
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