Problem 9 7A On January 1, 2017, 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, 2016 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 Companys $20,000, 3 month, 8 note for balance due Feb 18 Sold $8,000 of merchandise to Patwary Company and accepted Patwarys $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, 9 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 Journalize the transactions (Credit account titles are automatically indented when amount is entered Do not indent manually Record journal entries in the order presented in the problem )

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Problem 9-7A On January 1, 2017, Harter Company had Accounts Receivable $139,000, Notes Receivable $25,000, and Allowance for Doubtful Accounts $13,200. The note receivable is

Problem 9-7A

On January 1, 2017, 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, 2016. 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 Companys $20,000, 3-month, 8% note for balance due.
Feb. 18		Sold $8,000 of merchandise to Patwary Company and accepted Patwarys $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, 9% 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.

Journalize the transactions. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.)