On November 1, Eli Co. received a $6,000, 60-day, 6% note from a customer as payment on his $6,000 account. Elis journal entry to [Solved]

Credit score to Accounts Receivable for $6,000. Debit to Notes Receivable for $6,000. Clarification: Within the given report, Eli Co. might want to report the possible money influx and money outflow within the account doc. The amount of cash that the corporate acquired is credited to the corporates account whereas the amount of cash the corporate pays again to the lender is recorded as a debit. The debit can be paid later.

Credit score to Accounts Receivable for $6,000. Debit to Notes Receivable for $6,000. Clarification: Within the given report, Eli Co. might want to report the possible money influx and money outflow within the account doc. The amount of cash that the corporate acquired is credited to the corporates account whereas the amount of cash the corporate pays again to the lender is recorded as a debit. The debit can be paid later.

Credit score to Accounts Receivable for $6,000. Debit to Notes Receivable for $6,000. Clarification: Within the given report, Eli Co. might want to report the possible money influx and money outflow within the account doc. The amount of cash that the corporate acquired is credited to the corporates account whereas the amount of cash the corporate pays again to the lender is recorded as a debit. The debit can be paid later.

Dr. Cr. Observe Receivable $6,000 Account Receivable $6,000 Clarification: Observe is acquired towards a fee of sale mad on credit score. A brand new receivable can be constructed with the title of Observe receivable, so this account can be debited. To deduct the worth from the account receivable well credit score the account receivable account attributable to its debit nature. In a while the curiosity can be accrued and added on this stability.

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