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On January 1, 2022, Harter Company had Accounts Receivable $139,000, Notes Receivable $25,000, and Allowance for Doubtful Accounts $13.200. The note receivable is from Willingham Company. It is a 4-month, 9% note dated December 31, 2021. Harter Company prepares financial statements annually at December 31. During the year, the following selected transactions occurred. Jan. 5 20 Feb. 18 Apr. 20 30 May 25 Aug 18 25 Sept. 1 Sold $20,000 of merchandise to Sheldon Company, terms n/15. Accepted Sheldon Company's $20,000,3-month, 8% note for balance due Sold $8,000 of merchandise to Patwary Company and accepted Patwary's $8,000. 6-month, 9% note for the amount due. Collected Sheldon Company note in full. Received payment in full from Willingham Company on the amount due Accepted Potter Inc's $6.000.3-month, 7% note in settlement of a past-due balance on account. Received payment in full from Patwary Company on note due. The Potter Inc. note was dishonored. Potter Inc. is not bankrupt; future payment is anticipated. Sold $12,000 of merchandise to Stanbrough Company and accepted a $12,000,6-month, 10 % note for the amount due ally

On January 1, 2022, Harter Company had Accounts Receivable $139,000, Notes Receivable $25,000, and Allowance for Doubtful Accounts $13.200. The note receivable is from Willingham Company. It is a 4-month, 9% note dated December 31, 2021. Harter Company prepares financial statements annually at December 31. During the year, the following selected transactions occurred. Jan. 5 20 Feb. 18 Apr. 20 30 May 25 Aug 18 25 Sept. 1 Sold $20,000 of merchandise to Sheldon Company, terms n/15. Accepted Sheldon Company's $20,000,3-month, 8% note for balance due Sold $8,000 of merchandise to Patwary Company and accepted Patwary's $8,000. 6-month, 9% note for the amount due. Collected Sheldon Company note in full. Received payment in full from Willingham Company on the amount due Accepted Potter Inc's $6.000.3-month, 7% note in settlement of a past-due balance on account. Received payment in full from Patwary Company on note due. The Potter Inc. note was dishonored. Potter Inc. is not bankrupt; future payment is anticipated. Sold $12,000 of merchandise to Stanbrough Company and accepted a $12,000,6-month, 10 % note for the amount due ally

Intermediate Accounting: Reporting And Analysis
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter6: Cash And Receivables
Section: Chapter Questions
Problem 12E: Inferring Accounts Receivable Amounts At the end of 2019, Karras Inc. had a debit balance of 141,120...
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On January 1, 2022, Harter Company had Accounts Receivable $139,000, Notes Receivable $25,000, and Allowance for Doubtful Accounts $13.200. The note receivable is from Willingham Company. It is a 4-month, 9% note dated December 31, 2021. Harter Company prepares financial statements annually at December 31. During the year, the following selected transactions occurred. Jan. 5 20 Feb. 18 Apr. 20 30 May 25 Aug. 18 25 Sept. 1 Sold $20,000 of merchandise to Sheldon Company, terms n/15. Accepted Sheldon Company's $20,000,3-month, 8% note for balance due Sold $8,000 of merchandise to Patwary Company and accepted Patwary's $8,000, 6-month, 9% note for the amount due. Collected Sheldon Company note in full. Received payment in full from Willingham Company on the amount due. Accepted Potter Inc's $6,000. 3-month, 7% note in settlement of a past-due balance on account. Received payment in full from Patwary Company on note due The Potter Inc. note was dishonored. Potter Inc. is not bankrupt; future payment is anticipated. Sold $12,000 of merchandise to Stanbrough Company and accepted a $12,000, 6-month, 10% note for the amount due. Journalize the transactions. (Omit cost of goods sold entries) (Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.) Date Account Titles and Explanation Debit Credit
Transcribed Image Text:On January 1, 2022, Harter Company had Accounts Receivable $139,000, Notes Receivable $25,000, and Allowance for Doubtful Accounts $13.200. The note receivable is from Willingham Company. It is a 4-month, 9% note dated December 31, 2021. Harter Company prepares financial statements annually at December 31. During the year, the following selected transactions occurred. Jan. 5 20 Feb. 18 Apr. 20 30 May 25 Aug. 18 25 Sept. 1 Sold $20,000 of merchandise to Sheldon Company, terms n/15. Accepted Sheldon Company's $20,000,3-month, 8% note for balance due Sold $8,000 of merchandise to Patwary Company and accepted Patwary's $8,000, 6-month, 9% note for the amount due. Collected Sheldon Company note in full. Received payment in full from Willingham Company on the amount due. Accepted Potter Inc's $6,000. 3-month, 7% note in settlement of a past-due balance on account. Received payment in full from Patwary Company on note due The Potter Inc. note was dishonored. Potter Inc. is not bankrupt; future payment is anticipated. Sold $12,000 of merchandise to Stanbrough Company and accepted a $12,000, 6-month, 10% note for the amount due. Journalize the transactions. (Omit cost of goods sold entries) (Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.) Date Account Titles and Explanation Debit Credit
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