Presented below are various receivable transactions entered into by Renner Tool Company. Indicate whether the receivables...
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Presented below are various receivable transactions entered into by Renner Tool Company. Indicate whether the receivables are reported as accounts receivable, notes receivable, or other receivables on the balance sheet. Other Receivables a. Advanced $1,000 to a trusted employee. Accounts Receivable b. Accepted a $2,000 promissory note from a customer as payment on account. Notes Receivable 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. Loaned a company officer $4,000. > > > Presented below are various receivable transactions entered into by Renner Tool Company. Indicate whether the receivables are reported as accounts receivable, notes receivable, or other receivables on the balance sheet. Other Receivables a. Advanced $1,000 to a trusted employee. Accounts Receivable b. Accepted a $2,000 promissory note from a customer as payment on account. Notes Receivable 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. Loaned a company officer $4,000. > > >
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