Webreceivable discounted account was appropriately credited. The note receivable discounted account should be rep orted as a. Contra asset account for the proceeds from the discounting transaction b. Contra asset account for the face amount of the note c. Liability account for the proceeds from the discounting transaction d. WebAccounts and notes receivable and financing receivables, including allowances for credit losses and impaired loans Shareholder and other receivables Discounts or premiums on …
Discounting Notes Receivable - CliffsNotes
WebDec 31, 2024 · All sales are made on a credit basis. Bad debt expense is recorded at year-end by adjusting the allowance account to an amount equal to 10% of year-end accounts receivable. 3. On March 31, 2024, the $335,000 note receivable was discounted at the Bank of Commerce. The bank's discount rate is 10%. Chamberlain accounts for the discounting … WebA contingent liability which is normally accrued is a. notes receivable discounted. b. accommodation endorsements on customer notes. ... might be offset against and buried in the Accounts Receivable account because it is so small in amount. The maturity date and the interest rate should be disclosed for the Bonds Payable. "Capital Stock ... can i take 2000 mg of tylenol
Notes and Loans Receivable - QUIZ No. 1 - Studocu
WebDec 31, 2016 · The note receivable discounted should be deducted from the total notes receivable with disclosure of contingent liability. Problem 1-9 (AICPA Adapted) East Company reported the following current assets ar year-end: Cash 3,200, Accounts receivable 3,000, Inventory 2,800, Prepaid insurance 200, Total current assets 9,200, WebThe note receivable discounted account is reported as. A. Contra asset account for the proceeds from the discounting transaction. B. Contra asset account for the face amount … WebNotes Receivable Companies classify the promissory notes they hold as notes receivable. A simple promissory note appears below. The face value of a note is called the principal, which equals the initial amount of credit provided. The maker of a note is the party who receives the credit and promises to pay the note's holder. can i take 200 mg of viagra