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The notes receivable account consists of two notes, a $ 7 5 , 0 0 0 note and a $ 2 4 5 , 0
The notes receivable account consists of two notes, a $ note and a $ note. The $ note is dated October
with principal and interest payable on October The $ note is dated June with principal and
interest payable on June
During sales revenue totaled $$ cash was collected from customers, and $ in accounts
receivable were written off. All sales are made on a credit basis. Bad debt expense is recorded at yearend by adjusting the
allowance account to an amount equal to of yearend accounts receivable.
On March the $ note receivable was discounted at the Bank of Commerce. The bank's discount rate is
Chamberlain accounts for the discounting as a sale.
Required:
In addition to sales revenue, what revenue and expense amounts related to receivables will appear in Chamberlain's income
statement?
& What amounts will appear in the yearend balance sheet for accounts receivable? Calculate the receivables turnover ratio
for
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