Prepare General Journal Entries for the Following Transactions of Viking

question 91

Essay

Prepare general journal entries for the following transactions of Viking Company,assuming they use the allowance method to account for uncollectible accounts.
$\begin{array}{|l|r|l|}\hline\text { Apr } & 1 & \text { Sold } \$ 2,500 \text { of merchandise to Arthur Co., receiving an } 8 \%, 90 \text {-day, } \$ 2,500 \text { note. } \\\hline & 15 & \text { Wrote off } \$ 1,500 \text { owed by Network Co. } \\\hline & 30 & \begin{array}{l}\text { Received a } \$ 6,000,5 \%, 30 \text {-day note receivable from Calvin Co. as exchange for } \\\text { its } \$ 6,000 \text { account receivable. }\end{array} \\\hline \text { May } & 30 & \text { The note received from Calvin on April } 30 \text { was collected in full. } \\\hline \text { June } & 30 & \text { Arthur Co. was unable to pay the note on the due date. } \\\hline \text { July } & 15 & \text { Network Co. paid } \$ 1,000 \text { of the amount written off on April } 15 .\\\hline\end{array}$

---

Definitions:

Legal Matter

Refers to any situation or issue that involves legal principles or laws that need to be resolved.

Attorney at Law

A person licensed to practice law in a particular jurisdiction, offering legal advice, representation, and other services.

J.D.

Juris Doctor, a graduate-level professional degree in law.

Addressee's Name

The name of the individual or entity to whom a letter, package, or electronic communication is directed.