On April 1, a company provides services to one of its customers for $19,000. As payment...
On April 1, a company provides services to one of its customers for $19,000. As payment for the services, the company accepts a six-month, 8% note from the customer.
Record the acceptance of the note receivable on April 1 and the cash collection on October 1. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field. Do not round intermediate calculations.)
Homework Answers
| April 1st | Particulars | Debit | Credit |
| Notes receivable | $19,000 | ||
| Service Revenue | $19,000 | ||
| (Being Notes received for services provided) | |||
| October 1st | Cash | $19,760 | |
| Notes receivable | $19,000 | ||
| Interest Revenue | $760 | ||
| (Collection of Cash with interest on notes receivable) |
| October 1st | If interest income was accrued every month | ||
| Cash | $19,760 | ||
| Notes receivable | $19,000 | ||
| Interest Receivable | $760 |
| Calculation of 6 months interest |
| =19000*8%/2 |
| $760 |
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