ACCOUNTING FOR NOTES RECEIVABLE Sloan Systems sells voice mail systems to small businesses. During 2009, Sloan engaged
Question:
ACCOUNTING FOR NOTES RECEIVABLE Sloan Systems sells voice mail systems to small businesses. During 2009, Sloan engaged in the following activities involving notes receivable:
a. On November 1, Sloan sold an $8,000 system to Majors Company. Majors gave Sloan a six-month, 9 percent note as payment.
b. On December 1, Sloan sold a $6,000 system to Hadley, Inc. Hadley gave Sloan a nine-month, 12 percent note as payment.
c. On April 30, 2010, Majors paid the amount due on its note.
d. On August 31, 2010, Hadley paid the amount due on its note.
Required:
Prepare entries for Sloan Systems to record these transactions.
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Related Book For
Cornerstones Of Financial Accounting Current Trends Update
ISBN: 9781111527952
1st Edition
Authors: Jay Rich , Jeff Jones, Maryanne Mowen , Don Hansen
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