On January 1, 2017, Sheridan Company had Accounts Receivable of $57,400 and Allowance for Doubtful Accounts of $3,400. Sheridan Company prepares financial statements annually. During the year, the following selected transactions occurred:

Jan. 5 Sold $4,500 of merchandise to Rian Company, terms n/30.
Feb. 2 Accepted a $4,500, 4-month, 10% promissory note from Rian Company for balance due.
12 Sold $10,000 of merchandise to Cato Company and accepted Cato’s $10,000, 2-month, 9% note for the balance due.
26 Sold $11,900 of merchandise to Malcolm Co., terms n/10.
Apr. 5 Accepted a $11,900, 3-month, 8% note from Malcolm Co. for balance due.
12 Collected Cato Company note in full.
June 2 Collected Rian Company note in full.
15 Sold $2,000 of merchandise to Gerri Inc. and accepted a $2,000, 6-month, 11% note for the amount due.

Journalize the transactions. (Omit cost of goods sold entries.)

See Explanation Below

Explanation:

Jan. 5 Sold $4,500 of merchandise to Rian Company, terms n/30.

Dr Accounts receivable (AR) $4,500  

Cr Sales $4,500

Feb. 2 Accepted a $4,500, 4-month, 10% promissory note from Rian Company for balance due

Dr Notes receivable $4,500

Cr AR $4,500

12 Sold $10,000 of merchandise to Cato Company and accepted Cato’s $10,000, 2-month, 9% note for the balance due.

Dr Notes receivable $10,000

Cr Sales $10,000

26 Sold $11,900 of merchandise to Malcolm Co., terms n/10.

Dr AR $11,900

Cr Sales $11,900

Apr. 5 Accepted a $11,900, 3-month, 8% note from Malcolm Co. for balance due.

Dr Notes receivable $11,900

Cr AR $11,900

12 Collected Cato Company note in full.

Dr Cash 10,150

Cr Notes receivable 10,000

Cr Interest revenue 150  ($10,000 x 9% x 2/12)

June 2 Collected Rian Company note in full.

Dr Cash 4,650

Cr Notes receivable 4,500

Cr Interest revenue 150  ($4,500 x 10% x 4/12)  

15 Sold $2,000 of merchandise to Gerri Inc. and accepted a $2,000, 6-month, 11% note for the amount due

Dr Notes receivable $2,000

Cr Sales $2,000

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- poor people tend to socialize with other poor people while the rich tend to socialize with other rich people. this means that simply throguh their social circle, rich people would have more business opportunities compared to the poor people.

- rich people tend to have more capital in their disposal. this would benefit them in business since it is far easier for them to fund their business operation compared to poor people.

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