Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

9. Jerri's Jewelry accepted a TL2.400 note receivable from S. Wells in settlement of an old account receivable. The 10% note was dated October 2,

image text in transcribed

9. Jerri's Jewelry accepted a TL2.400 note receivable from S. Wells in settlement of an old account receivable. The 10% note was dated October 2, 2009, and was due in 120 days. What is the journal entry on Jerri's books on October 2, 2009? a. Note Receivable 2.400 Sales Revenue 2.400 b. Note Receivable 2.400 Cash 2.400 Note Receivable 2.400 Accounts Receivable 2.400 d. none of the above c. 10. Company A gives TL 1.200 loan to a customer on 1 November 2015. The customer signed 6 months, 5% promissory note. Assume that interest revenue was properly accrued on December 31, 2015 for Company A. The entry made at maturity in 2016 will include a credit to: a. interest revenue of TL80 b. interest revenue of TL20 c. interest receivable of TL80 d. interest receivable of TL20

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Managements Reluctance In Implementing Audit Recommendations

Authors: Tariro Chinamasa

1st Edition

6139980240, 978-6139980246

More Books

Students also viewed these Accounting questions