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
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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please answer with all work like explanation , computation, formula with steps need correct and complete answer for better understanding please answer in text no AI no handwritten no image need accurate answer no copy from other answer show explain with reason and calculation clearly please no copy paste from other answer every entry should have narrstions
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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