On January 1, 2014, Alter Company had Accounts Receivable $154,000

On January 1, 2014, Alter Company had Accounts Receivable $154,000, Notes Receivable of $12,000; and Allowance for Doubtful Accounts of $13,200.  The note receivable is from Hartwig Company.  It is a 4-month, 9% note dated December 31, 2013.  Alter Company prepares financial statements annually.  During the year, the following selected transactions occurred.
Jan.      5        sold $10,000 of merchandise to Flynn Company, terms n/15.
20       Accepted Flynn Company’s $10,000, 3-month, and 6% note for balance due.

Feb.     18        Sold $4,000 of merchandise to Mink Company and accepted Mink’s
$4,000, 6-month, 8% note for the amount due.
Apr.     20        Collected Flynn Company note in full.
30        Received payment in full from Hartwig Company on the amount due.
May     25        Accepted Creech Inc.’s $9,000, 6-month, 4% note in settlement of a past-
Due balance on account.

Aug.    18        Received payment in full from Mink Company on note due.
Sept.     1        sold $5,000 of merchandise to Glazer Company and accepted a $5,000, 6-
Month, 6% note for the amount due.

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

Here’s the SOLUTION

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