Journalize the transactions.

On January 1, 2014, Morfitt Company had Accounts Receivable $98,000 and Allowance for Doubtful Accounts $8,100. Morfitt Company prepares financial statements annually. During the year, the following selected transactions occurred.

Jan. 5

Sold $10,800 of merchandise to Motte Company, terms n/30.

Feb. 2

Accepted a $10,800, 4-month, 9% promissory note from Motte Company for the balance due.


Sold $13,500 of merchandise to Gitchel Company and accepted Gitchel”s $13,500, 2-month, 8% note for the balance due.


Sold $9,000 of merchandise to Benedict Co., terms n/10.

Apr. 5

Accepted a $9,000, 3-month, 8% note from Benedict Co. for the balance due.


Collected Gitchel Company note in full.

June 2

Collected Motte Company note in full.

July 5

Benedict Co. dishonors its note of April 5. It is expected that Benedict will eventually pay the amount owed.


Sold $12,000 of merchandise to Kriley Co. and accepted Kriley”s $12,000, 3-month, 12% note for the amount due.

Oct. 15

Kriley Co.”s note was dishonored. Kriley Co. is bankrupt, and there is no hope of future settlement.


Journalize the transactions.

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