Question: During 2015, LeBron Corporation accepts the following notes receivable. a. On April 1, LeBron provides services to a customer on account. The customer signs a
During 2015, LeBron Corporation accepts the following notes receivable.
a. On April 1, LeBron provides services to a customer on account. The customer signs a four-month, 9% note for $7,000.
b. On June 1, LeBron lends cash to one of the company’s vendors by accepting a six-month, 10% note for $11,000.
c. On November 1, LeBron accepts payment for prior services by having a customer with a past-due account receivable sign a three-month, 8% note for $6,000.
Required:
Record the acceptance of each of the notes receivable.
a. On April 1, LeBron provides services to a customer on account. The customer signs a four-month, 9% note for $7,000.
b. On June 1, LeBron lends cash to one of the company’s vendors by accepting a six-month, 10% note for $11,000.
c. On November 1, LeBron accepts payment for prior services by having a customer with a past-due account receivable sign a three-month, 8% note for $6,000.
Required:
Record the acceptance of each of the notes receivable.
Step by Step Solution
★★★★★
3.47 Rating (180 Votes )
There are 3 Steps involved in it
1 Expert Approved Answer
Step: 1 Unlock
a April 1 Debit Credit Notes Receivable 7000 Service Reve... View full answer
Question Has Been Solved by an Expert!
Get step-by-step solutions from verified subject matter experts
Step: 2 Unlock
Step: 3 Unlock
Document Format (1 attachment)
314-B-A-C-R (2261).docx
120 KBs Word File
