Sold merchandise bessie lou company and accepted

March 1 Sold merchandise on account to J. Company for $3,000, terms 2/10, n/30.

3 J Company returned merchandise worth $500 to Santos.

Prepare journal entries for the transactions above.

E2 L Company has accounts receivable of $93,100 at March 31. An analysis of the accounts shows the following information.

Prior to January 7,000

$93,100

31–60 days 5.0%

61–90 days 30.0%

E 3 At December 31, 2011, K Company had a balance of $15,000 in Allowance for Doubtful Accounts. During 2012, K wrote off accounts totaling $13,000. One of those accounts ($1,800) was later collected. At December 31, 2012, an aging schedule indicated that the balance in Allowance for Doubtful Accounts should be $19,000.

Instructions

3. number of days in a discount period maturity

4. the amount of discount

20 Accepted Bernard Company’s $20,000, 3-month, 9% note for balance due.

Feb. 18 Sold $8,000 of merchandise to La Bamba Company and accepted La Bamba’s $8,000, 6-month, 9% note for the amount due.

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

Sept. 1 Sold $12,000 of merchandise to Bessie Lou Company and accepted a $12,000, 6-month,