Problem: On January 1, 2022, Best Manufacturing had Accounts Receivable of $53,700 and Allowance for Doubtful Accounts of $3,400. Best Manufacturing prepares financial statements annually. During the year, the following selected transactions occurred:
Jan. 5 - Sold $3,700 of merchandise to Bree Company, terms n/30.
Feb. 2 - Accepted a $3,700, 4-month, 9% promissory note from Bree Company for balance due.
Feb. 12 - Sold $11,520 of merchandise to Kitty Company and accepted Kitty's $11,520, 2-month, 10% note for the balance due.
Feb. 26 - Sold $5,500 of merchandise to Dennis Co., terms n/10.
Apr. 5 - Accepted a $5,500, 3-month, 7% note from Dennis Co. for balance due.
Apr. 12 - Collected Kitty Company note in full.
June 2 - Collected Bree Company note in full.
June 15 - Sold $1,900 of merchandise to Kerry Inc. and accepted a $1,900, 6-month, 11% note for the amount due.
Journalize the transactions.
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