Answer:
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] |
Problem 8-07A (Video) On January 1, 2020, Harter Company had Accounts Receivable $139,000, Notes Receivable $25,000,...
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