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Financial & Managerial Accounting
Found in: Page 343
Financial & Managerial Accounting

Financial & Managerial Accounting

Book edition 7th
Author(s) John J Wild, Ken W. Shaw, Barbara Chiappetta
Pages 1096 pages
ISBN 9781259726705

Short Answer

On August 2, Jun Co. receives a $6,000, 90-day, 12% note from customer Ryan Albany as payment on his $6,000 account.

(2) Prepare Jun’s journal entry for August 2.

The notes receivables are the promissory notes issued by one party to another party that promises to pay a certain sum of money on its maturity date.

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Step by Step Solution

Introduction

The journal entry for the issuance of the notes will be recorded on its issuance date with the amount of face value of the notes as payment.

Journal entry

Date

Particulars

Debit

Credit

August 2

Notes receivables- Jun Co.

$6,000

Accounts receivables- Ryan Albany

$6,000

(To record the issuance of note)

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