Question Details

(Solved) (Latest ver. Aug 2020) - Journalize Transactions of the John Diego Company

Brief item decscription

Item details:


Journalize the transactions.

On January 1, 2002, John Diego Company had Accounts Receivable $146,000, Notes Receivable of $15,000, and Allowance for Doubtful Accounts of $13,200. The note receivable is from Trudy Borke Company. It is a 4-month, 12% note dated December 31, 2001. John Diego Company prepares financial statements annually. During the year the following selected transactions occurred.

Jan. 5 Sold $18,000 of merchandise to Jones Company, terms n/15.

20 Accepted Jones Company's $18,000, 3-month, 9% note for balance due.

Feb. 18 Sold $8,000 of merchandise to Swan Company and accepted Swan's $8,000, 6-month, 10% note for the amount due.

Apr. 20 Collected Jones Company note in full.

30 Received payment in full from Trudy Borke Company on the amount due.

May 25 Accepted Avita Inc.'s $6,000, 3-month, 8% note in settlement of a past due balance on account.

Aug. 18 Received payment in full from Swan Company on note due.

25 The Avita Inc. note was dishonored. Avita Inc. is not bankrupt; future payment is anticipated.

Sept. 1 Sold $12,000 of merchandise to Jose Trevino Company and accepted a $12,000,
6-month, 10% note for the amount due.


About this question:

This question was answered on: Sep 16, 2020

PRICE: $11.5 (18.37 KB)

Buy this answer for only: $11.5

Pay using PayPal (No PayPal account Required) or your credit card. All your purchases are securely protected by PayPal.

Need a similar solution fast, written anew from scratch? Place your own custom order

We have top-notch tutors who can help you with your essay at a reasonable cost and then you can simply use that essay as a template to build your own arguments. This we believe is a better way of understanding a problem and makes use of the efficiency of time of the student. New solution orders are original solutions and precise to your writing instruction requirements. Place a New Order using the button below.

Order Now