Journal entries
Date | account titles and explanation | Debit | Credit |
Jan 5 | Account receivable | 20000 | |
Sales revenue | 20000 | ||
Jan 20 | Notes receivable | 20000 | |
Account receivable | 20000 | ||
Feb 18 | Notes receivable | 8000 | |
Sales revenue | 8000 | ||
Apr 20 | Cash | 20400 | |
Notes receivable | 20000 | ||
Interest revenue (20000*8%*3/12) | 400 | ||
Apr 30 | Cash | 25750 | |
Notes receivable | 25000 | ||
Interest revenue (25000*9%*4/12) | 750 | ||
May 25 | Notes receivable | 6000 | |
Account receivable | 6000 | ||
Aug 18 | Cash | 8360 | |
Notes receivable | 8000 | ||
Interest revenue (8000*9%*6/12) | 360 | ||
Aug 25 | Account receivable | 6105 | |
Notes receivable | 6000 | ||
Interest revenue (6000*7%*3/12) | 105 | ||
Sep 1 | Notes receivable | 12000 | |
Sales revenue | 12000 |
Problem 8-07A (Video) On January 1, 2020, Harter Company had Accounts Receivable $139,000, Notes Receivable $25,000,...
Problem 8-07A (Video) On January 1, 2020, 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, 2019. Harter Company prepares financia December 31. During the year, the following selected transactions occurred. Jan. 5 20 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,...
P8-7A On January 1, 2019, 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, 2018. Harter Company prepares financial statements annually at December 31. During the year, the following selected transactions occurred. Jan. 5 Sold $20,000 of merchandise to Sheldon Company, terms n/15. 20 Accepted Sheldon Company's $20,000, 3-month, 8% note for balance due. Feb. 18 Sold...
Current Attempt in Progress On January 1,2019, Pharoah Company had Accounts Receivable $136,100, Notes Receivable $39,600, and Allowance for Doubtful Accounts $29,500 The note receivable is from Willingham Company. It is a 4-month, 9 % note dated December 31, 2018. Pharoah Company prepares financial statements annually at December 31. During the year, the following selected transactions occurred. Jan. 5 Sold $34,700 of merchandise to Sheldon Company, terms n/15 20 Accepted Sheldon Company's $34,700, 3-month, 8 % note for balance due....
BURUNUN gnment CALCULATOR PRINTER VERSION BACK NEXT Question 17 On January 1, 2020, Crane Company had Accounts Receivable $136,700, Notes Receivable $33,600, and Allowance for Doubtful Accounts $23,000. The note receivable is from Willingham Company. It is a 4-month, 9% note dated December 31, 2019. Crane 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 $28,400 of...
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...
1) Journalize the transactions.( Omit cost of goods sold entries.) On January 1, 2020, Oriole Company had Accounts Receivable $142,700, Notes Receivable $37,200, and Allowance for Doubtful Accounts $26,900. The note receivable is from Willingham Company. It is a 4-month, 9% note dated December 31, 2019, Oriole Company prepares financial statements annually at December 31. During the year, the following selected transactions occurred. Sold $31,800 of merchandise to Sheldon Company, terms n/15. Accepted Sheldon Company's $31,800, 3-month, 8% note for...
On January 1, 2017, Derek Co. had Accounts Receivable €139,000, Notes Receiv- able €30,000, and Allowance for Doubtful Accounts €13,200. The note receivable is from Kaye Noonan Ltd. It is a 4-month, 9% note dated December 31, 2016. Derek prepares financial statements annually at December 31. During the year, the following selected transactions occurred. Jan. 5 Sold €24,000 of merchandise to Zwingle SE, terms n/15. Jan. 20 Accepted Zwingle’s €24,000, 3-month, 6% note for balance due. Feb. 18 Sold €8,000...
Problem 8-06A On January 1, 2022, Windsor, Inc. had Accounts Receivable of $56,300 and Allowance for Doubtful Accounts of $3,800. Windsor, Inc. prepares financial statements annually. During the year, the following selected transactions occurred: Jan 5 Sold $3,500 of merchandise to Rian Company, terms n/30. Accepted a $3,500, 4-month, 9% promissory note from Rian Company for balance due. Sold $13,440 of merchandise to Cato Company and accepted Cato's $13,440, 2-month, 10% note for the balance due. 26 Sold $5,000 of...
Problem 8-06A On January 1, 2022, Kingbird, Inc. had Accounts Receivable of $49,900 and Allowance for Doubtful Accounts of $3,500. Kingbird, Inc. prepares financial statements annually. During the year, the following selected transactions occurred: Jan. 5 Sold $3,450 of merchandise to Rian Company, terms n/30. Feb. 2 Accepted a $3,450, 4-month, 8% promissory note from Rian Company for balance due 12 Sold $11,800 of merchandise to Cato Company and accepted Cato's $11,800, 2-month, 9 % note for the balance due....
On January 1, 2022, Sunland Company had Accounts Receivable of $54,800 and Allowance for Doubtful Accounts of $3,800. Sunland Company prepares financial statements annually. During the year, the following selected transactions occurred: Sold $4,700 of merchandise to Rian Company, terms n/30. Jan. 5 Accepted a $4,700, 4-month, 9% promissory note from Rian Company for balance due. Feb. 2 Sold $10,140 of merchandise to Cato Company and accepted Cato's $10,140, 2-month, 10% note for the balance due. 12 Sold $5,300 of...