Defines and explains short-term and long-term accounts

Assignment Help Accounting Basics

Reference no: EM133543600

Perform the following exercises in which you must analyze the methods to evaluate accounts receivable, perform notes receivable exercises and define the different types of accounts receivable:

1. Defines and explains short-term and long-term accounts receivable.

2. Equipos y Más a is an electronic equipment company and had several notes receivable. Journalizes entries for the following accounts receivable:

Date Transaction
10 feb A note receivable for $150,000 with a term of 4/n60 was received to replace account receivable.
12 march A note receivable was received for $185,000 with a term of 6/n90. to replace account receivable.
12 april Payment of the note receivable of February 10 was received including interest
16 may A note receivable for $125,000 with a term of 5/n40 was received to replace account receivable.
10 jun Full payment of the March 12 note receivable was received.
11 sep A note receivable of $210,000 with a term of 8/n90 was received to replace account receivable.
18 dic 9/11 Account Receivable Payment Received

Reference no: EM133543600

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