Equipment and More a is an electronic equipment company and had several notes receivable. Journalize the entries for the following accounts receivable: Date Transaction February 10 Received a note receivable for $150,000 with a 4% term and 60 days for payment. March 12 A note receivable for $185,000 was received with a 6% term and 120 days for payment. April 3 $151,000 was received from the Feb. 10 note receivable. May 16 Received a note receivable of $125,000 with a term of 5% and 40 days for payment. June 2 $188,700 received from the March 12 note receivable. October 11 Received a note receivable of $210,000 with an 8% term and 90 days for payment. November 11 $214,200 was received from the Oct. 11 receivable.
Equipment and More a is an electronic equipment company and had several notes receivable. Journalize the entries for the following accounts receivable: Date Transaction February 10 Received a note receivable for $150,000 with a 4% term and 60 days for payment. March 12 A note receivable for $185,000 was received with a 6% term and 120 days for payment. April 3 $151,000 was received from the Feb. 10 note receivable. May 16 Received a note receivable of $125,000 with a term of 5% and 40 days for payment. June 2 $188,700 received from the March 12 note receivable. October 11 Received a note receivable of $210,000 with an 8% term and 90 days for payment. November 11 $214,200 was received from the Oct. 11 receivable.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
Equipment and More a is an electronic equipment company and had several notes receivable.
|
Date |
Transaction |
|
February 10 |
Received a note receivable for $150,000 with a 4% term and 60 days for payment. |
|
March 12 |
A note receivable for $185,000 was received with a 6% term and 120 days for payment. |
|
April 3 |
$151,000 was received from the Feb. 10 note receivable. |
|
May 16 |
Received a note receivable of $125,000 with a term of 5% and 40 days for payment. |
|
June 2 |
$188,700 received from the March 12 note receivable. |
|
October 11 |
Received a note receivable of $210,000 with an 8% term and 90 days for payment. |
|
November 11 |
$214,200 was received from the Oct. 11 receivable. |
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