Chapter 8, Problem 8.1BE

Presented below are three receivables transactions. Indicate whether these receivables are reported as accounts receivable, notes receivable, or other receivables on a balance sheet.

1. (a) Advanced $ 10,000 to an employee.
2. (b) Received a promissory note of $34,000 for services performed.
3. (c) Sold merchandise on account for $60,000 to a customer.