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On january 1 2014 harter company had accounts receivable

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On January 1, 2014, Harter Company had Accounts Receivable $127,600, Notes Receivable $25,200, and Allowance for Doubtful Accounts $15,000. The note receivable is from Willingham Company. It is a 4-month, 8% note dated December 31, 2013. Harter Company prepares financial statements annually at December 31. During the year, the following selected transactions occurred.

Jan. 5   Sold $20,200 of merchandise to Sheldon Company, terms n/15.
20   Accepted Sheldon Company's $20,200, 3-month, 7% note for balance due.
Feb. 18   Sold $8,200 of merchandise to Patwary Company and accepted Patwary's $8,200, 6-month, 8% 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 $4,200, 3-month, 6% 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 $10,580 of merchandise to Stanbrough Company and accepted a $10,580, 6-month, 9% note for the amount due.

Reference no: EM13396865

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