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Problem 8-07A (Video) On January 1, 2020, Harter Company had Accounts Receivable $139,000, Notes Receivable $25,000, and Allo
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Date Account title and Explanation Debit Credit
Jan .5 Accounts receivable $20,000
Sales revenue $20,000
[To record credit sales]
Jan .20 Notes receivable-Sheldoon $20,000
Accounts receivable $20,000
[To record notes receivable for accounts receivable]
Feb.18 Notes receivable-Patwary $8,000
Sales revenue $8,000
[To record sales revenues in exchange of notes]
Apr. 20 Cash $20,400
Notes receivable-Sheldon $20,000
Interest revenue [20,000 x 8% x (3/12)] $400
[To record cash received for notes receivable at maturity]
Apr. 30 Cash $25,750
Notes receivable-Willingham $25,000
Interest revenue [25,000 x 9% x (4/12)] $750
[To record cash received for notes receivable at maturity]
May 25 Notes receivable-Potter $6,000
Accounts receivable $6,000
[To record notes receivable for accounts receivable]
Aug.18 Cash $8,360
Notes receivable-Willingham $8,000
Interest revenue [8,000 x 9% x (6/12)] $360
[To record cash received for notes receivable at maturity]
Aug.25 Accounts receivable $6,105
Notes receivable-Potter $6,000
Interest revenue [6,000 x 7% x (3/12)] $105
[To record dishonor notes receivable of potter]
Sept.1 Notes receivable $12,000
Sales revenue $12,000
[To record sales in exchange of notes]
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