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LESSON 10-1 Notes Receivable

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Presentation on theme: "LESSON 10-1 Notes Receivable"— Presentation transcript:

1 LESSON 10-1 Notes Receivable
5/24/2019 LESSON 10-1 Notes Receivable RED

2 ISSUING A NOTE RECEIVABLE FOR AN ACCOUNT RECEIVABLE
page 291 April 3. Accepted a 30-day, 12% note from Duane Jansen for an extension of time on his account, $ Note Receivable No. 11. LESSON 10-1

3 ISSUING A NOTE FOR A SALE
page 291 April 4. Accepted a 90-day, 12% note from Mark Carver for the sale of an appliance, $ Note Receivable No. 12. LESSON 10-1

4 RECEIVING CASH FOR A NOTE RECEIVABLE
page 292 May 3. Received cash for the maturity value of Note Receivable No. 11: principal, $300.00, plus interest, $3.00; total, $ Receipt No. 452. 2 3 4 Principal Interest Rate Fraction of Year = Interest × $300.00 12% 30 360 = $3.00 × 1 1. Calculate interest income. 3. Record interest income. 2. Record note. 4. Enter total cash received. LESSON 10-1

5 RECORDING A DISHONORED NOTE RECEIVABLE
page 293 June 1. Ruth Javinsky dishonored Note Receivable No. 8, a 30-day, 12% note, maturity value due today; principal, $250.00; interest, $2.50; total, $ Memorandum No. 120. 2 3 4 Principal Interest Rate Fraction of Year = Interest × $250.00 12% 30 360 = $2.50 × 1 1. Calculate interest income. 3. Record a credit for the note principal. 2. Record the debit for the total amount receivable. 4. Record a credit for the interest income. LESSON 10-1

6 RECEIVING CASH FOR A DISHONORED NOTE RECEIVABLE
page 294 September 30. Received cash from Ruth Javinsky for dishonored Note Receivable No. 8: maturity value, $252.50, plus additional interest, $10.18; total, $ Receipt No. 201. 1. Calculate number of days from maturity date to date of payment. 2. Calculate additional interest income. Time Number of Days June 1 through (30 – 1 = 29) July 31 August 31 September 1 through Total number of days 121 days 1 Maturity Value Interest Rate Fraction of Year = Additional Interest × $252.50 12% 121 360 = $10.18 × 2 LESSON 10-1

7 RECEIVING CASH FOR A DISHONORED NOTE RECEIVABLE
page 294 3 5 4 3. Record payment of the account receivable. 4. Record additional interest income. 5. Enter total cash received. LESSON 10-1

8 TERMS REVIEW notes receivable dishonored note page 296 LESSON 10-1
5/24/2019 TERMS REVIEW page 296 notes receivable dishonored note LESSON 10-1 RED

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