- 187 -
increasing the receivables due to IRA from the Bea Ritch Trusts
by $500,000; (2) decreasing IRA's outstanding receivables due
from HELO by $701,200; (3) eliminating HELO's $95,000 receivables
from Lisle's Basking Ridge Trust and $106,200 from Ballard's
Summit Trust; and (4) creating IRA receivables of $95,000 from
the Basking Ridge Trusts and $106,200 from the Summit Trust.
IRA's general ledger and adjusting journal entries reflected the
effect of the transfers on receivables owed to it as follows:
HELO Receivables Owed to IRA
1983 Beginning balance $1,189,900
Loan repymt from HELO (11,200)
Part. loan repymt HELO (900)
Repymt frm HELO via BRT1 (500,000)
Lns Bask Rg & Summit via HELO (201,200)
Ln fm FIN Acq. via HELO 33,500
Ending balance 510,100
1 No actual payment was made. Instead the receivable due
from Bea Ritch Trusts was increased by $500,000.
Summit Trust Receivables Owed to IRA
1983 Beg. balance -0-
Ln rpymt from Summit ($10,100)
Lns BSK RG & SMT via HELO 106,200
Asgn SMT & BSK RG to IFI (96,100)
Ending balance -0-
Basking Ridge Trust Receivables Owed to IRA
1983 Beg. balance -0-
Ln rpymt Frm Bask Rdg ($10,300)
Lns BSK RG & SMt via HELO 95,000
Asgn SMT & BSK RT to IFI (84,700)
Ending balance -0-
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