FIN + MANAGERIAL ACCT 9E CH 1-12
FIN + MANAGERIAL ACCT 9E CH 1-12
9th Edition
ISBN: 9781307841862
Author: Wild
Publisher: MCG/CREATE
Question
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Chapter 7, Problem 19E
To determine

Concept Introduction

Notes Receivable: The asset account which has an underlying promissory note tied to it in which detailed information is given for the payment terms for a purchase between a payee and the maker of the note is referred to as notes receivable. This is an item of the balance sheet and the amount is recorded with the value that is owed by the business for which payment should be received.

To Prepare: The journal entry for notes receivable transactions.

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