Husemann Co.'s assets include notes receivable from customers. During fiscal 2019, the amount of notes receivable averaged $45,100, and the interest rate of the notes averaged 8.4%.

b-2. Prepare a horizontal model to show the collection of this amount. (Use amounts with + for increases and amounts with for decreases)

Balance Sheet

Income Statement

Assets

=

Liabilities

+

Stockholder's Equity

Net Income

=

Revenues

Expenses

• Cash
• Depreciation expense
• Interest receivable
• Interest revenue
• Note receivable