Chapter 8, Problem 8.16E

To determine

Accounts receivable:

Accounts receivable refers to the amounts to be received within a short period of 30-60 days of time, from the customers, upon the sale of goods and services on account. In other words, accounts receivable are amounts customers owe to the business. Accounts receivable is an asset of a business.

Note receivable:

Note receivable refers to a written promise by the debtor for the amounts to be received within a stipulated period of 60-90 days or longer time. This written promise is issued by a debtor or, a borrower to the lender or, creditor. Notes receivable is an asset of a business.

Other receivables:

Other receivables are the receivables other than the accounts receivable, and the notes receivable. These are the non-trade receivables. They do not usually result from the operation of the business. Interest receivable, advances to employees, and income tax refundable are some of the examples of other receivables.

To prepare: The balance sheet presentation of receivables of Corporate E.