The journal entry to record lending money on a note receivable is… what?

Q: The "Select Payments Included in This Deposit" se

A: The "Select Payments Included in This Deposit" section of the Bank Deposit form lists Payment…

Q: is the practice of selling a note receivable by the payee before the maturity date of the note. a.…

A: Discounting refers to getting a bills of exchange paid before the date of maturity. The face value…

Q: Define the Note Issued for Cash.

A: Promissory Note:   A promissory note is a legal and financial tool that contains a written promise…

Q: Which one of the four methods of payments creates an accounts receivable?   Select one:   a.…

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

Q: The entry to record interest expense on a bank loan payable is a   a. debit to interest expense and…

A: The adjustment entries are made at the end of the year to adjust the revenues and expenses of the…

Q: Every transaction recorded in the cash payments journal includes  Credit to Cash. Debit to Accounts…

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Q: The "principal" of a note receivable refers to: a.the amount of cash borrowed. b.the present value…

A: The principal amount of a note receivable is the amount of cash borrowed.

Q: Journal Entry for Payee when giving note * to either the maker or a bank Debit Cash, Credit Notes…

A: Notes receivable is considered a negotiable instrument. It is a written promise to receive a certain…

Q: Prepare a Bank Reconciliation Statement using: a. Adjusted Balance Method b. Book to Bank Method…

A: Bank reconciliation statement is a statement prepared  to reconcile or agree the bank balance as…

Q: What is the nature of a “discount” on notes payable?

A: A discount on Notes payable is a contra liability account to the Notes payable account. When the…

Q: Describe and use the cash payments journal. What steps are followed in posting from cash payments…

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Q: 1. What is a compensating balance?

A: Hi student Since there are multiple questions, we will answer only first question.

Q: •Pass the journal entries and •Show the discount and interest and rebate on bills discounted account…

A: (i) October 20: all 2 months fall in the year 2017, hence no rebate on bills discounted. (ii)…

Q: What is the meaning of present value of notes receivable.

A: To understand the present value of notes receivable, first we need to understand what note…

Q: 3. Should a note receivable from a related party be included in the balance sheet with notes…

A: Balance sheet:   Balance sheet is a summary of assets, liabilities, and equity account that reports…

Q: Which of the following is considered receivables? (select all that applies)  rents   note payables…

A: Receivables are the amounts that are expected to be received by an entity either at present day or…

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

A: Receivable: It can be defined as the amount that is owed by the customers from the business.

Q: A credit memorandum will show the collection of a note receivable by the bar True False

A: A credit memo is a commercial document sent by a supplier to a customer indicating that the amount…

Q: A "receipt on account" results in a credit to: An A/P account Bank An A/R account Capital

A: Receipt on account means, cash received from previously made credit sales.

Q: Which one of the following documents is used to record notes receivable? Register Voucher Promissory…

A: Note means an instrument acknowledging as debt due from one party to another party. It carry defined…

Q: Summarize the procedures to follow when accepting credit cards, bill-to-accounts, cash, checks, and…

A: There are different methods through which the customers make the payment to the company like for the…

Q: why is a note receivable moved to accounts receivable prior to being written up and sent to…

A: Notes receivable indicates the promissory notes issued by the client for making due payment on a…

Q: A customer issued a note for an overdue account. Which of the following procedures is correct? A.…

A: Notes payable: Notes payable is a promissory note issued by the debtor or borrower in which the…

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 procedure to posting account payab

A: Answer : The cash disbursement Journal is an  Accounting Form used to record all the cash outflow.…

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 book debits and book credits, bank debits, and bank credits. What is proof of cash and its…

A: In books, all the debits and credits are related to assets, liabilities, revenue, and expenses.…

Q: When cash is debited, a typical credit is to O Accounts receivable Withdrawals O Expenses O Accounts…

A: "We’ll answer the first question since the exact one wasn’t specified. Please submit a new question…

Q: A note receivable bearing a reasonable interest rate is sold to a bank with recourse. The note…

A: If the notes receivable have been discounted with recourse, the contra asset would be recognized in…

Q: what is procedure to posting account payable ledger in cash disbursements system

A: Accounts payable forms a part of current liabilities and represents the amount that the entity owes…

Q: A debit order of R1500 for payment of rates will appear in ____________during the bank…

A: Answer:-  Bank reconciliation:- A bank reconciliation is the process of reconciling the bank account…

Q: A cheque returned by bank marked "R/D" means that__________.

A: Check is the document that authorizes the bank to make the payment of money from one person’s…

Q: A" borrowed money from bank; this transaction involves which one of the * ?following accounts Cash &…

A: Solution: Borrowing money represents cash has been taken for a loan. It involves cash inflow and…

Q: Distinguish between cash book and bank balance.

A:

Q: Describe and use the cash receips journal. What steps are followed in posting from the cash receipts…

A: Cash Receipts Journal:   It is a special book where only cash receipts transactions that are…

Q: Every transaction recorded in the cash payments journal includes a a. credit to Cash. b. debit to…

A: In cash payments journal, transaction is to be recorded when there is a debit to cash i.e payment…

Q: What are two common methods used when accepting deposits for credit card and debit card…

A: Two common methods for deposits of proceeds from credit card sales are: Gross method Net method

Q: When a business endorses a note and transfers it to a bank, the process is called Ca discounting a…

A: Introduction: A negotiable document that is signed by the borrower and accepted by the lender is a…

Q: Why should sales to and receipts of cash from credit customers be recorded and posted immediately?

A: Accounting is primarily concerned with identifying, recording, measuring, summarizing transactions…

Q: Write a detailed note on Account for notes payable and interest expense.

A: A note payable is a written promissory note. Under this agreement, a borrower obtains a specific…

Q: cash receipt journal

A:

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: Give the journal entry for the following transaction. Received a promissory note in payment of an…

A: "Since you have asked multiple questions, we will solve first question for you. If you want any…