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If Ohim pledged its receivables as security for a loan from the bank, where on the financial statements does it disclose this pledge of receivables?

If Ohim pledged its receivables as security for a loan from the bank, where on the financial statements does it disclose this pledge of receivables?

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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Required 1A Required 18 Required 1C Required 1D Required 2 If Ohim pledged its receivables as security for a loan from the bank, where on the financial statements does it disclose this pledge of receivables? The pledge of receivables is shown in the < Required 1D Required 2 >
Transcribed Image Text:Required 1A Required 18 Required 1C Required 1D Required 2 If Ohim pledged its receivables as security for a loan from the bank, where on the financial statements does it disclose this pledge of receivables? The pledge of receivables is shown in the < Required 1D Required 2 >
The following transactions are from Ohlm Company. Note: Use 360 days a year. Year 1 December 16 Accepted a(n) $12,400, 60-day, 9 note in granting Danny Todd a time extension on his past-due account receivable. December 31 Made an adjusting entry to record the accrued interest on the Todd note. Year 2 February 14 Received Todd's payment of principal and interest on the note dated December 16. March 2 Accepted a(n) $6,500, 98, 90-day note in granting a time extension on the past- due account receivable from Midnight Company. March 17 Accepted a $3,900, 30-day, 7 note in granting Ava Privet a time extension on her past-due account receivable. April 16 Privet dishonored her note. May 31 Midnight Company dishonored its note. August 7 Accepted a(n) $7,950, 90-day, 98 note in granting a time extension on the past- due account receivable of Mulan Company. September 3 Accepted a $2,260, 60-day, 11% note in granting Noah Carson a time extension on his past-due account receivable. November 2 Received payment of principal plus interest from Carson for the September 3 note.. November 5 Received payment of principal plus interest from Mulan for the August 7 note. December 1 Wrote off the Privet account against the Allowance for Doubtful Accounts.
Transcribed Image Text:The following transactions are from Ohlm Company. Note: Use 360 days a year. Year 1 December 16 Accepted a(n) $12,400, 60-day, 9 note in granting Danny Todd a time extension on his past-due account receivable. December 31 Made an adjusting entry to record the accrued interest on the Todd note. Year 2 February 14 Received Todd's payment of principal and interest on the note dated December 16. March 2 Accepted a(n) $6,500, 98, 90-day note in granting a time extension on the past- due account receivable from Midnight Company. March 17 Accepted a $3,900, 30-day, 7 note in granting Ava Privet a time extension on her past-due account receivable. April 16 Privet dishonored her note. May 31 Midnight Company dishonored its note. August 7 Accepted a(n) $7,950, 90-day, 98 note in granting a time extension on the past- due account receivable of Mulan Company. September 3 Accepted a $2,260, 60-day, 11% note in granting Noah Carson a time extension on his past-due account receivable. November 2 Received payment of principal plus interest from Carson for the September 3 note.. November 5 Received payment of principal plus interest from Mulan for the August 7 note. December 1 Wrote off the Privet account against the Allowance for Doubtful Accounts.
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