On January 1, 2020, Sheridan Company had Accounts Receivable $138,800, Notes Receivable $40,800, and Allowance for...
On January 1, 2020, Sheridan Company had Accounts Receivable
$138,800, Notes Receivable $40,800, and Allowance for Doubtful
Accounts $28,800. The note receivable is from Willingham Company.
It is a 4-month, 8% note dated December 31, 2019. Sheridan Company
prepares financial statements annually at December 31. During the
year, the following selected transactions occurred.
| Jan. 5 | Sold $34,800 of merchandise to Sheldon Company, terms n/15. | |
| 20 | Accepted Sheldon Company’s $34,800, 3-month, 7% note for balance due. | |
| Feb. 18 | Sold $23,800 of merchandise to Patwary Company and accepted Patwary’s $23,800, 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 $20,200, 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 $12,600 of merchandise to Stanbrough Company and accepted a $12,600, 6-month, 9% 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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Jan.
1Jan. 5Jan. 20Feb. 18Apr. 20Apr. 30May 25Aug. 18Aug. 25Sept. 1Homework Answers
| Date | Account titles and explanation | Debit(in $) | Credit(in $) | ||
| Jan-05 | Accounts Receivable | 34,800 | |||
| Cash | 34,800 | ||||
| Jan-20 | Notes Receivable | 34,800 | |||
| Accounts Receivable | 34,800 | ||||
| Feb-18 | Notes Receivable | 2,380 | |||
| Sales | 23,800 | ||||
| Apr-20 | Cash | 35,409 | |||
| Notes Receivable | 34,800 | ||||
| Interest Revenue | 609 | ||||
| Apr-30 | Cash | 41,888 | |||
| Notes Receivable | 40,800 | ||||
| Interest Revenue | 1,088 | ||||
| May-25 | Notes Receivable | 20,200 | |||
| Accounts Receivable | 20,200 | ||||
| Aug-18 | Cash | 24,752 | |||
| Notes Receivable | 24,752 | ||||
| Aug-25 | Accounts Receivable | 20,503 | |||
| Notes Receivable | 20,200 | ||||
| Interest Revenue | 303 | ||||
| Sep-01 | Notes Receivable | 12,600 | |||
| Sales | 12,600 | ||||
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