The following are three receivables transactions. Indicate whether these receivables are reported as accounts receivable, notes receivable,
Question:
The following are three receivables transactions. Indicate whether these receivables are reported as accounts receivable, notes receivable, or other receivables on a balance sheet.
a. Advanced $10,000 to an employee.
b. Received a promissory note of $34,000 for services performed.
c. Sold merchandise on account for $60,000 to a customer.
Record basic accounts receivable transactions.
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