Notes Receivable - Preparing a Journal Entry
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PART IV ? NOTES RECEIVABLE
Instructions: Prepare journal entries to record the following events:
July 1 Stone Company received an 8%, 4-month $9,000 note dated July 1 from a customer on account.
Nov. 1 The note is honored and no interest has been accrued.
Nov. 1 Assume instead that the note is dishonored by its maker and there is hope of future collection.
Nov. 1 Assume instead that the note is dishonored and there is no hope of future collection.
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The solution explains journal entries relating to notes receivable.
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PART IV ? NOTES RECEIVABLE
Instructions: Prepare journal entries to record the following events:
July 1 Stone Company received an 8%, 4-month $9,000 note dated July 1 from a customer on account.
July 1 Notes Receivable Dr 9,000
Accounts Receivable Cr 9,000
The accounts receivable is converted to a notes ...
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