During 2021, LeBron Corporation accepts the following notes receivable. 1. On April 1, LeBron provides services to
Question:
During 2021, LeBron Corporation accepts the following notes receivable.
1. On April 1, LeBron provides services to a customer on account. The customer signs a four month, 9% note for $7,000.
2. On June 1, LeBron lends cash to one of the company’s vendors by accepting a six-month, 10% note for $11,000.
3. 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.
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Related Book For
Financial Accounting
ISBN: 978-1259914898
5th edition
Authors: David Spiceland, Wayne M. Thomas, Don Herrmann
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