Professional Documents
Culture Documents
Activity Notes Receivable
Activity Notes Receivable
Activity Notes Receivable
Notes Receivable
Problem 6-1.
2021
Jan 1. Cash 1,000,000
Notes Receivable 6,000,000
Land 5,000,000
Gain on sale of land 2,000,000
2022
Dec. 31 Accrued Interest Receivable 806,400
Interest Income (12% x 6,720,000) 806,400
2023
Jan. 1 Cash 7,526,400
Notes Receivable 6,000,000
Accrued Interest Receivable 1,526,400
Problem 6-2.
Jan. 1 Notes Receivable 600,000
Sales 540,000
Unearned Interest Income 60,000
Dec. 31 Cash 200,000
Notes Receivable 200,000