Download: Kloppenberg company solution

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On January 1, 2011, Kloppenberg Company had Accounts Receivable $139,000, Notes Receivable $25,000, and Allowances for Doubtful Accounts $13,200. The note receivable is from Sara Rogers Company. It is a 4-month, 12% note dated December 31,2010. Kloppenberg Company prepares financial statements annually. During the year the following selected transactions occured. Jan 5 Sold $20,000 of merchandise to Dedonder Company, terms n/15 20 Accepted Dedonder Company’s $20,000, 3-month, 9% note for balance due. Feb 18 Sold $8,000 of merchandise to Ludwig Company and accepted Ludwig’s $8,000, 6-month, 9% note for the amount due. Apr 20 Collected Dedonder Company note in full. 30 Received payment in full from Sara Rogers Company on the amount due. May 25 Accepted Jenks Inc.’s $4,000, 3-month, 7% note in settlement of a past-due balance on account. Aug 18 Received payment in full from Ludwig Company on note due. 25 The Jenks Inc. note was dishonored. Jenks Inc. is not bankrupt; future payment is anticipated. Sept 1 Sold $12,000 of merchandise to Lena Torme Company and accepted a $12,000, 6-month, 10% note for the amount due. Journalize the transactions
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