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NOTES RECIEVABLE
On November 1, 2014, Company N accepted a $10,000, 4 percent, 90 day note from a customer for $10,000 in sales. Interest is payable to Company N at retirement on January 1, 2015. Prepare the journal entries for the following activity on the books of Company N:
A. Acceptance of the note and recognition of sale on 11/1/14
B. Adjusting journal entry at 12/31/14 (use months for calculation).
C. Journal entry for receipt of payment from the customer to pay off the note and related interest on January 31, 2015. For this payment, note whether you are assuming that Company N did or did not, prepare reversing journal entries at the beginning of 2015.
Prepare the necessary journal entries from the following information for Bonnie's Corp which uses a perpetual inventory system.
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Living Smart has decided to expand its operations to owning and operating long term health care facilities. The following is an excerpt from a conversation between the chief executive officer, Mark Vierra, and the vice president of finance, Jolin Kil..
LMN reported sales of $200,000 and an increase in accounts receivable of $30,000 during 2014. Under the direct method, what would be LMN's cash collected from customers during 2014?
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santana company exchanged equipment used in its manufacturing operations plus 3990nbspin cash for similar equipment
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