Perform the following exercises in which you must analyze the methods to evaluate accounts receivable, perform notes
Question:
Perform the following exercises in which you must analyze the methods to evaluate accounts receivable, perform notes receivable exercises and define the different types of accounts receivable: Define and explain short-term and long-term accounts receivable. Equipos y Más a is an electronic equipment company and had several notes receivable. Journalizes the entries of the following accounts receivable:
Date | Transaction |
10 of February | A note payable for $ 150,000 was received with a 4% term and 60 days to pay. |
12 of march | A note payable for $ 185,000 was received with a 6% term and 120 days to pay. |
3 of April | Received $ 150,984 of the February 10 note payable. |
16 of may | A note payable of $ 125,000 was received with a 5% term and 40 days to pay. |
2 of June | $ 188,640.80 was received from the March 12 note payable. |
11 of October | A note payable of $ 210,000 was received with a term of 8% and 90 days for payment. |
11 of November | $ 214,126.08 was received from the October 11 account payable. |
Principles of Information Systems
ISBN: 978-1133629665
11th edition
Authors: Ralph Stair, George Reynolds