January 1 2010 sands company had accounts receivable 55000, Ask an Expert

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January 1, 2010, Sands Company had Accounts Receivable $55,000 and Allowance for Doubtful Accounts $4,400. Sands Company prepares financial statements annually and uses a perpetual inventory system. During the year the following selected transactions occurred.

Jan. 5 Sold $9,000 of merchandise to Norris Company, terms n/30. Cost of the merchandise sold was $4,510.
Feb. 2 Accepted a $9,000, 4-month, 9% promissory note from Norris Company for balance due.
Feb. 12 Sold $9,120 of merchandise costing $6,490 to Loflin Company and accepted Loflin's $9,120, 2-month, 10% note for the balance due.
Feb. 26 Sold $5,890 of merchandise costing $4,950 to Hossfeld Co., terms n/10.
Apr. 5 Accepted a $5,890, 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 $2,610 of merchandise costing $2,000 to Madrid Inc. and accepted a $2,610, 6-month, 12% note for the amount due.

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M9436168

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