Business, 15.05.2020 03:57 xsong39481

Sleepy Recliner Chairs completed the following selected transactions:

Jul. 1 Sold merchandise inventory to Good minus Mart, receiving a $ 40,000, nine-month, 8 % note. Ignore Cost of Goods Sold.
Oct. 31 Recorded cash sales for the period of $ 20 comma 000. Ignore Cost of Goods Sold.
Dec. 31 Made an adjusting entry to accrue interest on the Good minus Mart note.
31 Made an adjusting entry to record bad debt expense based on an aging of accounts receivable. The aging schedule shows that $ 14,300 of accounts receivable will not be collected. Prior to this adjustment, the credit balance in Allowance for Bad Debts is $ 11,400. 2019

Apr. 1 Collected the maturity value of the Good minus Mart note.
Jun. 23 Sold merchandise inventory to Ambiance comma Corp., receiving a 60-day, 12 % note for $ 11,000. Ignore Cost of Goods Sold.
Aug. 22 Ambiance comma Corp. dishonored its note at maturity; the business converted the maturity value of the note to an account receivable.
Nov. 16 Loaned $ 20 comma 000 cash to Creed, Inc., receiving a 90-day, 14 % note.
Dec. 5 Collected in full on account from Ambiance comma Corp.
31 Accrued the interest on the Creed, Inc. note.

Requirement
Record the transactions in the journal of Sleepy Recliner Chairs. Explanations are not required. (For notes stated in days, use a 360-day year. Round to the nearest dollar.)

Answers: 2

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Sleepy Recliner Chairs completed the following selected transactions:

Jul. 1 Sold merch...

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