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Prepare a journal entry to separate the preceding items

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Question - An examination of Hutton Corporation's accounting records indicates that all receivables are being recorded in a single account entitled Receivables. An analysis of the account reveals the following:

Accounts receivable (trade) $15,500

Accounts receivable (officers) $3600

Interest receivable, due in 3 months $675

Advances to employees $1800

Notes receivable (trade), due in 3 years $9000

Deposit to guarantee contract performance $5000

Utility deposit $500

Total $36,075

Required - Prepare a journal entry to separate the preceding items into their proper accounts.

Reference no: EM133173393

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