FINANCIAL AND MANAGERIAL ACCOUNTING
FINANCIAL AND MANAGERIAL ACCOUNTING
9th Edition
ISBN: 9781264899180
Author: Wild
Publisher: MCG
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Chapter 7, Problem 5PSB

1.

To determine

To prepare: Adjustment entry to record the given transactions for note receivables.

Nov 1 accepted a $4,800, 90 day, 8% note dated this day in granting S.J a time extension on his past − due account receivable.

2.

To determine

To explain: The type of reporting that is necessary when a business pledges receivables as security for a loan and the loan is still outstanding at the end of the period.

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7.2 Ch 7: Notes Payable and Interest, Revenue recognition explained; Author: Accounting Prof - making it easy, The finance storyteller;https://www.youtube.com/watch?v=wMC3wCdPnRg;License: Standard YouTube License, CC-BY