On January 1, 2014, Harter Company had Accounts Receivable $127,600, Notes Receivable $25,200, and Allowance for Doubtful Accounts $15,000. The...
whomilOn January 1, 2014, Harter Company had Accounts Receivable $127,600, Notes Receivable $25,200, and Allowance for Doubtful Accounts $15,000. The note receivable is from Willingham Company. It is a 4-month, 8% note dated December 31, 2013. Harter Company prepares financial statements annually at December 31. During the year, the following selected transactions occurred.
| Jan. 5 | Sold $20,200 of merchandise to Sheldon Company, terms n/15. | |
| 20 | Accepted Sheldon Company’s $20,200, 3-month, 7% note for balance due. | |
| Feb. 18 | Sold $8,200 of merchandise to Patwary Company and accepted Patwary’s $8,200, 6-month, 8% note for the amount due. | |
| Apr. 20 | Collected Sheldon Company note in full. | |
| 30 | Received payment in full from Willingham Company on the amount due. | |
| May 25 | Accepted Potter Inc.’s $4,200, 3-month, 6% note in settlement of a past-due balance on account. | |
| Aug. 18 | Received payment in full from Patwary Company on note due. | |
| 25 | The Potter Inc. note was dishonored. Potter Inc. is not bankrupt; future payment is anticipated. | |
| Sept. 1 | Sold $10,580 of merchandise to Stanbrough Company and accepted a $10,580, 6-month, 9% note for the amount due. |
13 years ago
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