On January 1, 2022, Harvee Company had Accounts Receivable of $54,200 and Allowance for Doubtful Accounts of $3,700. Harvee Company prepares financial statements annually. During the year, the following selected transactions occurred: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 good sold entries)

Journal entry: A journal entry is used to record day-to-day transactions of the business by debiting…

Answered: n January 1, 2022, Harvee Company had…

College Accounting, Chapters 1-27

23rd Edition

ISBN:9781337794756

Author:HEINTZ, James A.

Publisher:HEINTZ, James A.

Chapter16: Accounting For Accounts Receivable

Section: Chapter Questions

Problem 3CP: At the end of 20-3, Martel Co. had 410,000 in Accounts Receivable and a credit balance of 300 in...

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On January 1, 2022, Harvee Company had Accounts Receivable of $54,200 and Allowance for Doubtful Accounts of $3,700. Harvee Company prepares financial statements annually. During the year, the following selected transactions occurred:

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 good sold entries)

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