Explore BrainMass

Explore BrainMass

    Notes Receivable Journal Entries

    Not what you're looking for? Search our solutions OR ask your own Custom question.

    This content was COPIED from BrainMass.com - View the original, and get the already-completed solution here!

    On December 31, 2008, Menachem Inc. rendered services to Begin Corporation at an agreed price of $$91,844.10, accepting $36,000 down and agreeing to accept the balance in four equal installments of $18,000 receivable each December 31. An assumed interest rate of 11% is imputed.

    Prepare the entries that would be recorded by Menachem Inc. for the sale and for the receipts and interest on the following dates. (Assume that the effective interest method is used for amortization purposes.)

    A. December 31, 2008
    B. December 31, 2009
    C. December 31, 2010
    D. December 31, 2011
    E. December 31, 2012

    © BrainMass Inc. brainmass.com November 30, 2021, 3:49 am ad1c9bdddf

    Solution Summary

    The solution provide Notes Receivable Journal Entries for Menachem Inc for services rendered to Begin Corporation.