Kader Company Had the Following Balances on January 1, 2020 $\begin{array}{|l|r|}\hline \text { Allowance for doubtful accounts } & \$ 2,600 \\\hline \text { Notes receivable } & 56,000\\\hline\end{array}$

question 99

Essay

Kader Company had the following balances on January 1, 2020:
$\begin{array}{|l|r|}\hline \text { Allowance for doubtful accounts } & \$ 2,600 \\\hline \text { Notes receivable } & 56,000\\\hline\end{array}$ Prepare general journal entries for the following transactions of Kader Company:
$\begin{array}{|l|l|l|}\hline \text { Mar. } & 21 & \begin{array}{l}\text { Discounted a } \$ 10,000,9 \%, 120 \text {-day note dated March } 1 \text {, received from } \\\text { Creed Corp, at the bank at } 12 \% .\end{array} \\\hline & & \\\hline \text { Apr. } & 25 & \begin{array}{l}\text { Sold } \$ 4,500 \text { of merchandise to Finn Corp., receiving a } 10 \%, 60 \text { - day note } \\\text { receivable. }\end{array} \\\hline \text { May } & 10 & \text { Wrote off } \$ 1,800 \text { account owed by Friller as worthless. } \\\hline \text { June } & 24 & \text { Note signed by Finn Corp. on April } 25 \text { was dishonoured. } \\\hline & 29& \begin{array}{l}\text { Received a memo from the bank that the note discounted on March } 21 \\\text { Was collected }\end{array} \\\hline \text { Dec. } & 31& \text { Uncollectible accounts receivable were estimated to be } \$ 3,200 \text {. } \\\hline\end{array}$