Classifying Receivables
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Below are various receivable transactions entered into by Lawson Tool Company. Indicate whether the receivables are reported as accounts receivable, notes receivable, or other receivables on the balance sheet.
a. Advanced $1,000 to a trusted employee.
b. Accepted a $2,000 promissory note from a customer as payment on account.
c. Determined that a $10,000 income tax refund is due from the IRS.
d. Sold goods to a customer on account for $5,000.
e. Recorded $500 accrued interest on a note receivable due next year.
f. Made an American Express credit card sale for $3,000.
g. Loaned a company officer $4,000.
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Below are various receivable transactions entered into by Lawson Tool Company. Indicate whether the receivables are reported as accounts receivable, notes receivable, or other receivables ...
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