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please help solve P8-6A I have attached a sample answer sheet Thank you! P8-6A On January 1, 2017, Harvee Company had Accounts Receivable of $54,200
please help solve P8-6A
I have attached a sample answer sheet
Thank you!
P8-6A On January 1, 2017, Harvee Company had Accounts Receivable of $54,200 and Al- lowance for Doubtful Accounts of $3,700. Harvee Company prepares financial statements annually. During the year, the following selected transactions occurred Journalize various receivables transactions. (LO 1, 3), AP 5 2 Sold $4,000 of merchandise to Rian Company, terms n/30 Accepted a $4,000, 4-month, 9% promissory note from Rian Company for balance due. Sold $12,000 of merchandise to Cato Company and accepted Cato's $12,000 2-month, 10% note for the balance due. Sold $5,200 of merchandise to Malcolm Co., terms n/10 Accepted a $5,200, 3-month, 8% note from Malcolm Co. for balance due Collected Cato Company note in full. Collected Rian Company note in full Jan. Feb. 12 26 5 12 Apr. June 2 15 Sold $2,000 of merchandise to Gerri Inc. and accepted a $2,000, 6-month, 12% note for the amount due Instructions Journalize the transactions. (Omit cost of goods sold entries.) PROBLEM 8-6B Jan. 5 Accounts Receivable Flynn Company10,000 Sales Revenue... 10,000 20 Notes Receivable.10,000 Accounts Receivable Flynn Company 10,000 Feb. 18 Notes Receivabl 4,000 4,000 Apr. 20 Cash (S10,000+ $15010,150 10,000 Interest Revenue ($10,000 X 696 X 3/12) 150 30 Cash ($12,000 $360)12,360 12,000 Interest Revenue ($12,000 X 996 X 4/12) 360 . May 25 Notes Receivable.9,000 Accounts Receivable Creech Inc.. 9,000 Aug. 18 Cash ($4,000+ $160)4,160 4,000 Notes Receivable... Interest Revenue ($4,000 X 8MX6/12) 160 Sept. 1 Notes Receivable 5,000 Sales Revenue 5,000Step by Step Solution
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