Presented below are three receivables transactions.Indicate whether these receivables are reported as accounts receivable, notes receivable, or other receivables on a balance sheet. (a) Advanced $10,000 to an employee. select an account title Accounts ReceivableNotes ReceivableOther Receivables (b) Received a promissory note of $34,000 for services performed. select an account title Accounts ReceivableNotes ReceivableOther Receivables (c) Sold merchandise on account for $60,000 to a customer.
Presented below are three receivables transactions.Indicate whether these receivables are reported as accounts receivable, notes receivable, or other receivables on a balance sheet. (a) Advanced $10,000 to an employee. select an account title Accounts ReceivableNotes ReceivableOther Receivables (b) Received a promissory note of $34,000 for services performed. select an account title Accounts ReceivableNotes ReceivableOther Receivables (c) Sold merchandise on account for $60,000 to a customer.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Presented below are three receivables transactions.
Indicate whether these receivables are reported as
|
(a)
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Advanced $10,000 to an employee.
|
select an account title Accounts ReceivableNotes ReceivableOther Receivables | ||
|---|---|---|---|---|
|
(b)
|
Received a promissory note of $34,000 for services performed.
|
select an account title Accounts ReceivableNotes ReceivableOther Receivables | ||
|
(c)
|
Sold merchandise on account for $60,000 to a customer.
|
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