    RECEIVING CASH FOR A NOTE RECEIVABLE

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Presentation transcript:

    RECEIVING CASH FOR A NOTE RECEIVABLE 2 4 3     Principal  Interest Rate  Fraction of Year = Interest 30 $300.00  12%  360 = $3.00 1 1. Calculate interest income. 2. Record note. 3. Record interest income. 4. Enter total cash received. Lesson 10-1, page 279

    RECORDING A DISHONORED NOTE RECEIVABLE 2 3 4     Principal  Interest Rate  Fraction of Year = Interest 30 $250.00  12%  360 = $2.50 1 1. Calculate interest income. 2. Record the debit for the total amount receivable. 3. Record credit for the note principal. 4. Record a credit for the interest income. Lesson 10-1, page 280

    RECEIVING CASH FOR A DISHONORED NOTE RECEIVABLE Number Time of Days June 1 through 30 29 (30–1=29) July 31 August 31 Sept. 1 through 30 30 121     1 1. Calculate number of days from maturity date to date of payment. 2. Calculate additional interest income. 3. Record payment of the account receivable. 4. Record additional interest income. 5. Enter total cash received. Maturity Interest Fraction Additional Value  Rate  of Year = Interest 121 $252.50  12%  360 = $10.18 2 3 5 4 Lesson 10-1, page 281

TERMS REVIEW notes receivable dishonored note Lesson 10-1, page 282