Homework Answers
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 |
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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,...
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...
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,...
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...
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...
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...
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...
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...
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...
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...
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...
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...
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...
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