work together

odtallment hotes receivable should be classified as a current asset? Work together 9-3 Journalizing installment notes receivable transactions The journals and a loan payment schedule for Danny's Used Cars are given in the Working Papers. Your instructor will guide you through the following examples 1. Using May of the current year, journalize these transactions. Refer to the amortization schedule when journalizing the May 9 transaction. Source documents are abbreviated a follows: note receivable, NR; receipt, R. Transactions: May 7. Sold a car to Jill Shelton for $14,860.00 plus $445.80 sales tax, receiving a $2,305.80 down payment and accepting a 60-month, 8% installment note receivable for the balance, $13,000.00. NR369. Received cash for Daniel Toney's May payment, $243.32. R787. 9. On December 31, $93,467.00 of the installment notes receivable of Danny's Used Cars is expected to be collected during the next fiscal period. Record the reclassification entry using page 15 of a general journal. Use page 16 of a general journal to journalize the reversing entry of the December 31 reclassification entry for installment notes receivable. 2. 3. On your own 9-3 iinginstallment notes receivable transactions