Week 6 Notes Receivable

Week 6 Notes Receivable - 10 30 day note on June 1 Note...

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12/10/10 Notes Receivable Prepare general journal entries for the following transactions of this company for the current year: Sold equipment for 10,000, with a 10%, 30 day note on June 1. On July 1, the note was dishonored
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12/10/10 Notes Receivable Sold merchandise for 10,000, with a
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Unformatted text preview: 10%, 30 day note on June 1. Note Receivable 10,000 Sales 10,000 12/10/10 Notes Receivable • On July 1, the note was dishonored • Must convert the note receivable to an accounts receivable that includes the interest Accounts Receivable 10,083.33 Note Receivable 10,000.00...
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