on january 1, 2015, harter company had accounts receivable $139,000,

Project Description:

on january 1, 2015, 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, 2014. 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 $8,000 of merchandise to patwary company and accepted patwary’s $8,000, 6-month, 9% 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 $6,000, 3-month, 7% 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 $12,000 of merchandise to stanbrough company and accepted a $12,000, 6-month, 10% note for the amount due.instructionsjournalize the transactions.
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