journal entry

Required information A note receivable is a written promise to pay a specified amount of money at a stated future date. The maturity date is the day the note (principal and interest) must be repaid. Interest rates are normally stated in annual terms. The amount of Interest on the note is computed by expressing time as a fraction of one year and multiplying the note's principal by this fraction and the annual interest rate. A note received is recorded at its principal amount by debiting the Notes Receivable account. The credit amount is to the asset, product or service provided in return for the note. On January 15, Ross Furniture, Inc., accepts a $5,000, 180 day. 10 percent note from a customer at the time of a product sale. Prepare the January 15 entry for Ross Fumiture by selecting the account names from the drop down menus and entering the dollar amounts in the debitor credit columns. View transaction list Journal entry worksheet On January 15, Ross Furniture, Inc., accepts a $5,000, 180-day, 10 percent note from a customer at the time of a product sale. Note: Enter debits before credits. Date General Journal Debit Credit Jan. 15 UVCU Date Jan. 15 General Journal Debit Credit explanation