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An examination of Hutton Corporation’s accounting records indicates that all receivables are being recorded in a single account entitled Receivables. An analysis of the account reveals the following: Accounts receivable (trade) $15,500 Accounts receivable (officers)$3600 Interest receivable, due in 3 months$675 Advances to employees$1800 Notes receivable (trade), due in 3 years $9000 Deposit to guarantee contract performance$5000 Utility deposit$500 Total $36,075 Required: 1. Prepare a journal entry to separate the preceding items into their proper accounts.

An examination of Hutton Corporation’s accounting records indicates that all receivables are being recorded in a single account entitled Receivables. An analysis of the account reveals the following: Accounts receivable (trade) $15,500 Accounts receivable (officers)$3600 Interest receivable, due in 3 months$675 Advances to employees$1800 Notes receivable (trade), due in 3 years $9000 Deposit to guarantee contract performance$5000 Utility deposit$500 Total $36,075 Required: 1. Prepare a journal entry to separate the preceding items into their proper accounts.

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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An examination of Hutton Corporation’s accounting records indicates that all receivables are being recorded in a single account entitled Receivables. An analysis of the account reveals the following:

Accounts receivable (trade) $15,500

Accounts receivable (officers)$3600

Interest receivable, due in 3 months$675

Advances to employees$1800

Notes receivable (trade), due in 3 years $9000

Deposit to guarantee contract performance$5000

Utility deposit$500

Total $36,075

Required: 1. Prepare a journal entry to separate the preceding items into their proper accounts.

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