Answered You can hire a professional tutor to get the answer.
On January 1, 2010, Sands Company had Accounts Receivable $54,200 and Allowance for Doubtful Accounts $3,700.
On January 1, 2010, Sands Company had Accounts Receivable $54,200 and Allowance for Doubtful Accounts $3,700. Sands Company prepares financial statements annually and uses a perpetual inventory system. During the year the following selected transactions occurred. Jan. 5 Sold $7,000 of merchandise to Norris Company, terms n/30. Cost of the merchandise sold was $4,000. Feb. 2 Accepted a $7,000, 4-month, 9% promissory note from Norris Company for balance due. Feb. 12 Sold $9,000 of merchandise costing $5,000 to Loflin Company and accepted Loflin's $9,000, 2-month, 10% note for the balance due. Feb. 26 Sold $5,200 of merchandise costing $3,300 to Hossfeld Co., terms n/10. Apr. 5 Accepted a $5,200, 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 $2,000 of merchandise costing $1,500 to Madrid Inc. and accepted a $2,000, 6-month, 12% note for the amount due. Journalize the transactions. (List multiple debit/credit entries from largest to smallest amount, e.g. 10, 5, 2.)
