On January 1, 2017, Harvee Company had Accounts Receivable of $54,200 and Allowance for Doubtful Accounts of $3,700. Harvee Company
Jan. 5 Sold $4,000 of merchandise to Rian Company, terms n/30.
Feb. 2 Accepted a $4,000, 4-month, 9% promissory note from Rian Company for balance due.
12 Sold $12,000 of merchandise to Cato Company and accepted Cato's $12,000,
2-month, 10% note for the balance due.
26 Sold $5,200 of merchandise to Malcolm Co., terms n/10.
Apr. 5 Accepted a $5,200, 3-month, 8% note from Malcolm Co. for balance due.
12 Collected Cato Company note in full.
June 2 Collected Rian Company note in full.
15 Sold $2,000 of merchandise to Gerri Inc. and accepted a $2,000, 6-month,
12% note for the amount due.
Journalize the transactions. (Omit cost of goods sold entries.)
Financial statements are the standardized formats to present the financial information related to a business or an organization for its users. Financial statements contain the historical information as well as current period’s financial... Accounts Receivable
Accounts receivables are debts owed to your company, usually from sales on credit. Accounts receivable is business asset, the sum of the money owed to you by customers who haven’t paid.The standard procedure in business-to-business sales is that...
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Question Posted: September 23, 2016 09:44:27