If Ohim pledged its receivables as security for a loan from the bank, where on the financial statements does it disclose this pledge of receivables?
If Ohim pledged its receivables as security for a loan from the bank, where on the financial statements does it disclose this pledge of receivables?
Accounting
27th Edition
ISBN:9781337272094
Author:WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Chapter8: Internal Control And Cash
Section: Chapter Questions
Problem 8.17EX
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![Required 1A Required 18 Required 1C Required 1D Required 2
If Ohim pledged its receivables as security for a loan from the bank, where on the financial statements does it disclose this
pledge of receivables?
The pledge of receivables is shown in the
< Required 1D
Required 2 >](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fff36f8f7-c1af-4d2c-887e-9ba0e314c4fb%2F6d8a9c4e-d3cf-4d13-95ab-6660088a64e9%2Fy5twsxjs_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Required 1A Required 18 Required 1C Required 1D Required 2
If Ohim pledged its receivables as security for a loan from the bank, where on the financial statements does it disclose this
pledge of receivables?
The pledge of receivables is shown in the
< Required 1D
Required 2 >
![The following transactions are from Ohlm Company.
Note: Use 360 days a year.
Year 1
December 16 Accepted a(n) $12,400, 60-day, 9 note in granting Danny Todd a time extension
on his past-due account receivable.
December 31 Made an adjusting entry to record the accrued interest on the Todd note.
Year 2
February 14 Received Todd's payment of principal and interest on the note dated December 16.
March 2 Accepted a(n) $6,500, 98, 90-day note in granting a time extension on the past-
due account receivable from Midnight Company.
March 17 Accepted a $3,900, 30-day, 7 note in granting Ava Privet a time extension on
her past-due account receivable.
April 16 Privet dishonored her note.
May 31 Midnight Company dishonored its note.
August 7 Accepted a(n) $7,950, 90-day, 98 note in granting a time extension on the past-
due account receivable of Mulan Company.
September 3 Accepted a $2,260, 60-day, 11% note in granting Noah Carson a time extension on
his past-due account receivable.
November 2 Received payment of principal plus interest from Carson for the September 3
note..
November 5 Received payment of principal plus interest from Mulan for the August 7 note.
December 1 Wrote off the Privet account against the Allowance for Doubtful Accounts.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fff36f8f7-c1af-4d2c-887e-9ba0e314c4fb%2F6d8a9c4e-d3cf-4d13-95ab-6660088a64e9%2Fpi1sft5_processed.jpeg&w=3840&q=75)
Transcribed Image Text:The following transactions are from Ohlm Company.
Note: Use 360 days a year.
Year 1
December 16 Accepted a(n) $12,400, 60-day, 9 note in granting Danny Todd a time extension
on his past-due account receivable.
December 31 Made an adjusting entry to record the accrued interest on the Todd note.
Year 2
February 14 Received Todd's payment of principal and interest on the note dated December 16.
March 2 Accepted a(n) $6,500, 98, 90-day note in granting a time extension on the past-
due account receivable from Midnight Company.
March 17 Accepted a $3,900, 30-day, 7 note in granting Ava Privet a time extension on
her past-due account receivable.
April 16 Privet dishonored her note.
May 31 Midnight Company dishonored its note.
August 7 Accepted a(n) $7,950, 90-day, 98 note in granting a time extension on the past-
due account receivable of Mulan Company.
September 3 Accepted a $2,260, 60-day, 11% note in granting Noah Carson a time extension on
his past-due account receivable.
November 2 Received payment of principal plus interest from Carson for the September 3
note..
November 5 Received payment of principal plus interest from Mulan for the August 7 note.
December 1 Wrote off the Privet account against the Allowance for Doubtful Accounts.
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