Business, 16.04.2020 01:43 pinbunny70

On January 1, 2022, Blossom Company had Accounts Receivable of $51,600 and Allowance for Doubtful Accounts of $4,100. Blossom Company prepares financial statements annually. During the year, the following selected transactions occurred: Jan. 5 Sold $4,600 of merchandise to Rian Company, terms n/30. Feb. 2 Accepted a $4,600, 4-month, 9% promissory note from Rian Company for balance due. 12 Sold $11,100 of merchandise to Cato Company and accepted Cato’s $11,100, 2-month, 10% note for the balance due. 26 Sold $4,900 of merchandise to Malcolm Co., terms n/10. Apr. 5 Accepted a $4,900, 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 $2,100 of merchandise to Gerri Inc. and accepted a $2,100, 6-month, 12% note for the amount due.

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On January 1, 2022, Blossom Company had Accounts Receivable of $51,600 and Allowance for Doubtful Ac...

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