Notes Receivable Chapter 9 – Part 3.

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Presentation transcript:

Notes Receivable Chapter 9 – Part 3

NOTES RECEIVABLE A promissory note is a written promise to pay a specified amount of money on demand or at a definite time. The party making the promise is the maker. The party to whom payment is made is called the payee.

ILLUSTRATION 9-8 FORMULA FOR CALCULATING INTEREST The basic formula for calculating interest on an interest-bearing note is: The interest rate specified on the note is an annual rate of interest. Face Value of Note Annual Interest Rate Time in Terms of One Year X =

RECOGNIZING NOTES RECEIVABLE GENERAL JOURNAL Date Account Titles and Explanation Debit Credit May 1 Notes Receivable Accounts Receivable — Brent Company To record acceptance of Brent Company note. 1,000 1,000 Wilma Company receives a $1,000, 6% promissory note, due in two months (July 31) from Brent Company to settle an open account.

HONOUR OF NOTES RECEIVABLE A note is honoured when it is paid in full at its maturity date. Wolder Co. lends Higly Inc. $10,000 on June 1, accepting a 4.5% interest-bearing note, due in 4 months, on September 30. Wolder collects the maturity value of the note from Higley on September 30.

DISHONOUR OF NOTES RECEIVABLE A dishonoured note is a note that is not paid in full at maturity. A dishonoured note receivable is no longer negotiable. Since the payee still has a claim against the maker of the note, the balance in Notes Receivable is usually transferred to Accounts Receivable.