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Lesson 20 3
- 2. 2
ACCEPTING A NOTE RECEIVABLE FROM
page 598
A CUSTOMER
April 14. Accepted a 90-day, 8% note from Martin Sterling for an
extension of time on his account, $3,000.00. Note Receivable No. 9.
1
2
1. Debit to Notes Receivable
2. Credit to Accounts Receivable
CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning
LESSON 20-3
- 3. 3
COLLECTING PRINCIPAL AND INTEREST
page 599
ON A NOTE RECEIVABLE
July 13. Received cash for the maturity value of Note Receivable
No. 9, a 90-day, 8% note: principal, $3,000.00, plus interest,
$60.00; total, $3,060.00. Receipt No. 562.
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1
3
5
1.
2.
3.
4.
Write the date.
Write the account title.
Write the receipt number.
Write the principal amount.
4
6
7
5. On the next line, write the
account title.
6. Calculate and write the interest
income amount.
7. Write the maturity value.
CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning
LESSON 20-3
- 4. RECORDING A DISHONORED NOTE
RECEIVABLE
4
page 600
May 6. Jill Davis dishonored Note Receivable No. 12, a 90-day, 8%
note, maturity value due today: principal, $600.00; interest, $12.00;
total, $612.00. Memorandum No. 92.
1
2
3
1. Debit to Accounts Receivable
2. Credit to Notes Receivable
3. Credit to Interest Income
CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning
LESSON 20-3
- 5. 5
TERMS REVIEW
page 602
notes receivable
interest income
dishonored note
CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning
LESSON 20-3
- 6. 5
TERMS REVIEW
page 602
notes receivable
interest income
dishonored note
CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning
LESSON 20-3