an examination of the accounting records for the hutton corporat 251817

An examination of the accounting records for the Hutton Corporation 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) ……………………………. 3,600

Common stock subscriptions receivable (current) ………… 12,000

Advances to employees …………………………………… 1,800

Notes receivable (trade), due in 3 years …………………… 6,000

Deposit to guarantee contract performance ……………….. 5,000

Utility deposit ……………………………………………… 500

Total ………………………………………………………..$44,400

Required

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

2. How would each of the preceding items normally be reflected on Hutton’s balance sheet?

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