Explain how to record note payable transaction.

Q: What is the principal of a note?

A: A note is a promise to pay a specific amount of money to the payee on a future date. It is a…

Q: What are the basic entries to recognize an account receivable?

A: Solution- Accounts receivable (AR) is money that your customers owe you for buying goods and…

Q: Define Notes payable.

A: Notes payable is a liability item in the balance sheet of an organization.

Q: Describe how debits and credits are used to analyse transactions.

A: Debits and credits are used to analyse transactions for changes in accounts made by one business…

Q: Explain how to open a new account in the accounts payable ledger

A: The accounts payable ledger ia a subsidiary ledger which contains the details of all vendors to whom…

Q: Describe a note receivable, the computation of its maturity date, and the recording of its…

A: The cumulative sums owed to a client for products or services sold are trade receivables that are…

Q: Record the sale of receivable.

A: Sometimes companies require funds and they too have the assets like the accounts receivables for…

Q: Account for accountspayable and analyzeaccounts payableturnover

A: Accounts payable:   It refers to the money owed by the organization to their suppliers which is…

Q: Describe Deposits and Advances from Customers.

A: Accounting:   Accounting is a system, or a process of collecting and organizing economic…

Q: Describe how to report and analyze receivables.

A: Receivables are the assets for the company and may include trade receivables, other debtors or bills…

Q: Describe about the Accounts payable.

A: Accounts payable: A liability which is payable within a short period is termed accounts payable and…

Q: Distinguish between an accounts payable file and a vouchers payable file.

A: Accounts Payable system:   The accounts payable system looks over the due payments to be processed…

Q: Describe accounts receivable and how they occur and are recorded.

A: Accounts receivable: Accounts receivable refers to the amounts to be received within a short period…

Q: what is Debit balance and Credit balance in ledger?

A: Introduction: A ledger account is a record of commercial transactions. It is a discrete record…

Q: What is a schedule for accounts receiveable?

A: AR stands for Accounts Receivable which is defined as the balance of amount due to the company for…

Q: WHAT ARE THE MAIN DOCUMENTS USED FOR PAYDAYLOAN ?

A: A payday loan is a high-cost unsecured loan that can be availed at the time of a short-term…

Q: Illustratrate about the real and nominal accounts along with examples.

A: Real account:Real account involves the amount of asset, liability, or stockholder’s equity at a…

Q: How is Accounts Receivable audited?

A: Accounts receivable is one of the largest assets that a company has; therefore auditors tend to…

Q: Define receivables and explain issues related to their recognition.

A: Accounting: Accounting is a system, or a process of collecting and organizing economic transactions,…

Q: Distinguish between accounts receivable and account payable.

A: Accounts receivable: Accounts receivable refers to the amounts to be received within a short period…

Q: What are Account for notes payable and interest expense.

A: Notes Payable- It is a type of document or instrument which is issued to creditors for a specific…

Q: Define financial assets, trade and other receivables and financial liabilities Thanks tutor

A: Financial assets and trade and other receivables are different types of assets that are part of…

Q: Record a transaction money charged on a account

A: A transaction is the amount of value for a product or service. Regardless of when money is received…

Q: What is the formula to compute interest on a note receivable?

A: Note receivable: Note receivable refers to a written promise for the amounts to be received within a…

Q: What is an invoice?

A:

Q: State the meaning of Receipt and Payment Account.

A: Receipt and Payment Account: Receipt and payment Account is a summary of Cash book. Only…

Q: Give an explanation  - and use an example - of why we may need to convert an Account Receivable to a…

A: Accounts receivable: Accounts receivable is the amount owed by the customers to the company for the…

Q: Explain the posting process of the cash payments journal.

A: Cash payment Journal: A journal which is used to record cash payments by check and cash for the…

Q: What are accounts for notes payable and interest expense.

A: Payables indicate the amount owed by the organization from outsiders which requires to be paid…

Q: Explain payment date

A: Whenever firms have the excess cash, either they can distribute it as dividend or can retain that…

Q: Account for notesreceivable and interestrevenue

A: Notes Receivables: This records the promissory note’s value that is a promise in writing that one…

Q: The chart that gives data about payments and payment schedule is called what?

A: Introduction: Payments and payment schedules: payment schedule includes all the periods of payment…

Q: Debit telephone bill, credit ACcounts payable is

A: Correct Answer :- C Business Received telephone bill and it will be paid later.

Q: Explain how to record accrued interest.

A: Accrued interest: Accrued interest is the outstanding interest expense in the accounting period, as…

Q: When you collected Accounts Receivables, your entry would include?

A: Accounts Receivable is shown as an asset in the books of accounts and has a debit balance. When the…

Q: What are note payables? How they are recorded?

A: Solution:- Notes payable meaning as follows under:-

Q: what steps are followed in posting from the purchases journal to the accounts payable ledger?

A: Purchase journal indicates the account corresponding to the orders or purchase initiated or made on…

Q: What is the difference between a note payable and an account payable?

A: Current liability: It can be defined as the financial commitments of a business that are due and to…

Q: Explain accounting issues related to recognition and valuation of notes receivable.

A:

Q: What is receipt and payment account

A: The answer is provided as follows:

Q: What's the entry for the cash receipt journal?

A: Journal entry is the entry which the business records normally on the journal but as there are…

Q: Define clearing (payment process)

A: Checks: Checks refer to the written document which is dated and signed which directs a bank to pay a…

Bookkeeping

Bookkeeping is the process of recording the financial transactions of a company on a regular basis. With the process of bookkeeping, companies can track important financial information that helps management in making crucial decisions.