On January 1, Wei company begins the accounting period with a $48,000 credit balance in Allowance for Doubtful Accounts. a. On February 1, the company determined that $10,400 in customer accounts was uncollectible; specifically, $2,700 for Oakley Co.
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On July 1, 2019, Goode Company borrowed $150,000. The company signed a note payable with interest at 8 percent per year. The note and interest are due on December 31, 2019. On December 31, 2019, Goode paid $156,000 to settle the debt in full.
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