On January 1, 2017, Bonita Industries had Accounts Receivable of $53,100 and Allowance for Doubtful Accounts of $3,600. Bonita Industries prepares financial statements annually. During the year, the following selected transactions occurred:
Jan. 5 Sold $4,500 of merchandise to Rian Company, terms n/30.
Feb. 2 Accepted a $4,500, 4-month, 8% promissory note from Rian Company for balance due.
Feb 12 Sold $11,520 of merchandise to Cato Company and accepted Cato’s $11,520, 2-month, 10% note for the balance due.
Feb 26 Sold $11,600 of merchandise to Malcolm Co., terms n/10.
Apr. 5 Accepted a $11,600, 3-month, 8% note from Malcolm Co. for balance due.
Apr. 12 Collected Cato Company note in full.
June 2 Collected Rian Company note in full.
June 15 Sold $2,100 of merchandise to Gerri Inc. and accepted a $2,100, 6-month, 11% note for the amount due.
Journalize the transactions. (Omit cost of goods sold entries.) (Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.)
Date Account Titles and Explanation Debit Credit
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On January 1, 2017, Bonita Industries had Accounts Receivable of $53,100 and Allowance for Doubtful...
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