User Account

All Pages

On january 1 2014 harter company had accounts receivable

Assignment Help Accounting Basics
Reference no: EM13396865

On January 1, 2014, Harter Company had Accounts Receivable $127,600, Notes Receivable $25,200, and Allowance for Doubtful Accounts $15,000. The note receivable is from Willingham Company. It is a 4-month, 8% note dated December 31, 2013. Harter Company prepares financial statements annually at December 31. During the year, the following selected transactions occurred.

Jan. 5   Sold $20,200 of merchandise to Sheldon Company, terms n/15.
20   Accepted Sheldon Company's $20,200, 3-month, 7% note for balance due.
Feb. 18   Sold $8,200 of merchandise to Patwary Company and accepted Patwary's $8,200, 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 $4,200, 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 $10,580 of merchandise to Stanbrough Company and accepted a $10,580, 6-month, 9% note for the amount due.

Reference no: EM13396865

Questions Cloud

Star corporation issued both common and preferred stock : star corporation issued both common and preferred stock during 20x6. the stockholders equity sections of the companys
What are the premises in the articlewhat evidence is : choose an editorial article from the new york times or the wall street journal. browse the library and choose an
Payroll accounting suppose that the following tax rates as : payroll accounting. assume that the following tax rates and payroll information pertain to brookhaven publishingbull
If the average level of outstanding receivables is 700000 : assume that sunshine products inc has an agreement with shady finance company to factor its receivables. shady charges
On january 1 2014 harter company had accounts receivable : on january 1 2014 harter company had accounts receivable 127600 notes receivable 25200 and allowance for doubtful
In general terms compare and contrast how expenditures are : your city has decided to build a new library. the projected cost is 2 million. a bond issue for 1.2 million has been
The mkworld airline system is composed of the european and : the mkworld airline system is composed of the european and african routes each of which requires 10 aircrafts. these
Write a brief essay describing the benefits of maintenance : 1.write a brief essay describing the benefits of maintenance planning in detail.two pages minimum.of the six planning
Explain why are algae significant in nature how are algae : why are algae important in nature? how are algae fungi and lichens related and how is this relationship defined?

Reviews

Write a Review

Accounting Basics Questions & Answers

  When is the termination effective

The corporation issues the stock to Sid on September 13, 2010, to raise additional equity capital. Sid owns no other Orlando stock.a. Does Orlando's S election terminate? If so, when is the termination effective?

  Should hamilton follow his boss directive

The Dotson Company, owner of Bleacher Mall, charges Rich Clothing Store a rental fee of $600 per month plus 5% of yearly profits over $500,000. Matt Rich, the owner of the store, directs his accountant, Ron Hamilton, to increase the estimate of ba..

  Journal entries to record transactions and events

Jan 1 Paid $22, 989 cash plus $1,823 in sales tax for a new delivery truck estimated to have a five year life and a $3,560 salvage value. Delivery truck costs are recorded in the Trucks account. Prepare a journal entries to record these transaction..

  Suppliers of funds bear the greatest risk

Which suppliers of funds bear the greatest risk and should therefore earn the greatest return? bondholders, suppliers, banks, preferred shareholder, or common shareholder?

  Inventory count of supplies in the storeroom

During the year, supplies purchased were debited to the supplies inventory account in the amount of $6,500. On December 31, 2009, the inventory count of supplies in the storeroom was $1,750. Give the adjusting entry required at December 31, 2009.

  Sales method of accounting acceptable

The Abbott Corporation sells merchandise on the installment basis, and the uncertainties of cash collection make the use of the installment sales method of accounting acceptable. The following data relate to two years of operations.

  Carter timber company owns 10000 acres of timberland

carter timber company owns 10000 acres of timberland purchased in 2003 at a cost of 2000 per acre. at the time of

  Post-closing trial balances

Explain in detail a post-closing trial balance, how it relates to the practice of accounting and its uses in business?

  Why was she able to commit her fraud without detection

In the case study of Melissa Robinson, Melissa was able to steal over $60,000 from her employer. Why was she able to commit her fraud without detection?

  Statements regarding a horizontal analysis

All of the following statements regarding a horizontal analysis are true except:

  Difference to a newly opened suspense account

In taking out a trial balance, a bookkeeper finds that he is out Rs 1600 excess debit. Being desirous of closing his books, heplaces the difference to a newly opened suspense account. In the next period he discovers the following discrepancies.

  Service efforts and accomplishments

Why are measures of "service efforts and accomplishments" of more concern in government and not-for-profits than in businesses?

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd