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Sloan Systems sells voice mail systems to small businesses. Sloan engaged in the following activities involving notes receivable (round to nearest dollar): On October 1,
Sloan Systems sells voice mail systems to small businesses. Sloan engaged in the following activities involving notes receivable (round to nearest dollar):
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On October 1, 2019, Sloan sold an $8,000 system to Majors Company. Majors gave Sloan a 7-month, 10% note as payment.
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On November 1, 2019, Sloan sold a $6,000 system to Hadley Inc. Hadley gave Sloan a 10-month, 12% note as payment.
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On May 1, 2020, Majors paid the amount due on its note.
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On September 1, 2020, Hadley paid the amount due on its note.
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