LESSON 10-1 Notes Receivable

Slides:

Advertisements

Similar presentations

CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning LESSON 9-1 Notes Payable.

Advertisements

CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning LESSON 20-1 Promissory Notes.

CENTURY 21 ACCOUNTING © Thomson/South-Western LESSON 20-2 Notes Payable Obj – Apply procedures to prepare journal entries for notes payable & notes.

Accounting for Notes and Interest Promissory Notes Promissory note – a written and signed promise to pay a sum of money at a specific time Creditor.

CENTURY 21 ACCOUNTING © Thomson/South-Western LESSON 20-2 & 20-3 Notes Payable Notes Receivable.

CENTURY 21 ACCOUNTING © Thomson/South-Western LESSON 3-1 Journals, Source Documents, and Recording Entries in a Journal.

Chapter 23: Accounting for Notes & Interest By: Audrey Marshall For Advanced Accounting.

© South-Western Educational Publishing ISSUING BONDS Lesson 12-3, page Enter the account title. 2 3.Record the receipt number. 3 1.Write the date.

CENTURY 21 ACCOUNTING © Thomson/South-Western LESSON 20-3 Notes Receivable Obj – Apply procedures to prepare journal entries for notes payable &

CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning LESSON 20-2 Notes Payable.

CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning LESSON 20-3 Notes Receivable.

CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning LESSON 9-3 Accrued Expenses Accrued interest expense. Recording payment of note at maturity.

CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning LESSON 10-1 Notes Receivable.

CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning LESSON 24-1 Recording International Sales.

CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning LESSON 24-1 Recording International Sales.

CENTURY 21 ACCOUNTING © Thomson/South-Western LESSON 3-1 Journals, Source Documents, and Recording Entries in a Journal.

CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning LESSON 10-1 Notes Receivable Notes receivable. Issuing a note receivable. Calculating interest.

CENTURY 21 ACCOUNTING © Thomson/South-Western 1 LESSON 10-1 CHAPTER 10: ACCOUNTING FOR NOTES RECEIVABLE, UNEARNED REVENUE, AND ACCRUED REVENUE Objectives:

CENTURY 21 ACCOUNTING © Thomson/South-Western LESSON 20-3 Notes Receivables: promissory notes that a business accepts from their customers.

CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning LESSON 12-1 Capital Stock Transactions.

Chapter 10 Accounting for Notes Receivable, Unearned Revenue, and Accrued Revenue.

CENTURY 21 ACCOUNTING © Thomson/South-Western LESSON 3-1 Journals, Source Documents, and Recording Entries in a Journal.

CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning LESSON 3-1 Journals, Source Documents, and Recording Entries in a Journal.

© 2014 Cengage Learning. All Rights Reserved.

© 2014 Cengage Learning. All Rights Reserved.

LESSON 20-1 Promissory Notes

LESSON /4/2018 LESSON 20-2 Notes Payable.

RECORDING A DISHONORED CHECK ON A CHECK STUB

RECORDING A DISHONORED CHECK ON A CHECK STUB

LESSON 21-1 Accrued Revenue

Journals, Source Documents, and Recording Entries in a Journal

Journals, Source Documents, and Recording Entries in a Journal

LESSON 13-1 Recording A Payroll

JOURNALIZING A CASH RECEIPT WITH A SALES DISCOUNT

Departmental Sales on Account and Sales Returns and Allowances

    Number Par Value Total of Shares  per Share = Par Value 1

LESSON 12-1 Capital Stock Transactions

LESSON 2-2 Journalizing and Posting Cash Receipts

    RECEIVING CASH FOR A NOTE RECEIVABLE

ADJUSTING ENTRY FOR UNEARNED REVENUE INITIALLY RECORDED AS A REVENUE

USES OF PROMISSORY NOTES

LESSON 9-3 Accrued Expenses

Uncollectible Accounts

PREPARING A VOUCHER CHECK

CHECK MARKS SHOW THAT AMOUNTS ARE NOT POSTED

JOURNALIZING AN INTERNATIONAL SALE

LESSON 20-1 Promissory Notes.

        CALCULATING THE MATURITY DATE 1 2 CALCULATING INTEREST

Departmental Sales on Account and Sales Returns and Allowances

LESSON 11-2 Stock Subscriptions and the Balance Sheet

Journals, Source Documents, and Recording Entries in a Journal

LESSON 12-2 Treasury Stock Transactions

Lesson 4-3 Posting Column Totals from a Journal to a General Ledger

Lesson 4-3 Posting Column Totals from a Journal to a General Ledger

LESSON 5-3 Dishonored Checks and Electronic Banking

LESSON 5-3 Dishonored Checks and Electronic Banking

LESSON 12-2 Treasury Stock Transactions

Lesson 4-3 Posting Column Totals from a Journal to a General Ledger

LESSON 5-3 Dishonored Checks and Electronic Banking

SIGNING A NOTE PAYABLE  

ACCEPTING A NOTE RECEIVABLE FROM A CUSTOMER

LESSON 5-3 Dishonored Checks and Electronic Banking

LESSON 14-3 Promissory Notes

STARTING A NEW PAGE FOR AN ACCOUNT IN A GENERAL LEDGER

LESSON 2-2 Journalizing and Posting Cash Receipts

LESSON 9-3 Accrued Expenses

JOURNALIZING AN INTERNATIONAL SALE

LESSON 5-3 Dishonored Checks and Electronic Banking

LESSON 5-3 Dishonored Checks and Electronic Banking

BUYING TREASURY STOCK Write the date.

Presentation transcript:

LESSON 10-1 Notes Receivable 5/24/2019 LESSON 10-1 Notes Receivable RED

ISSUING A NOTE RECEIVABLE FOR AN ACCOUNT RECEIVABLE page 291 April 3. Accepted a 30-day, 12% note from Duane Jansen for an extension of time on his account, $300.00. Note Receivable No. 11. LESSON 10-1

ISSUING A NOTE FOR A SALE page 291 April 4. Accepted a 90-day, 12% note from Mark Carver for the sale of an appliance, $450.00. Note Receivable No. 12. LESSON 10-1

RECEIVING CASH FOR A NOTE RECEIVABLE page 292 May 3. Received cash for the maturity value of Note Receivable No. 11: principal, $300.00, plus interest, $3.00; total, $303.00. Receipt No. 452. 2 3 4 Principal Interest Rate Fraction of Year = Interest × $300.00 12% 30 360 = $3.00 × 1 1. Calculate interest income. 3. Record interest income. 2. Record note. 4. Enter total cash received. LESSON 10-1

RECORDING A DISHONORED NOTE RECEIVABLE page 293 June 1. Ruth Javinsky dishonored Note Receivable No. 8, a 30-day, 12% note, maturity value due today; principal, $250.00; interest, $2.50; total, $252.50. Memorandum No. 120. 2 3 4 Principal Interest Rate Fraction of Year = Interest × $250.00 12% 30 360 = $2.50 × 1 1. Calculate interest income. 3. Record a credit for the note principal. 2. Record the debit for the total amount receivable. 4. Record a credit for the interest income. LESSON 10-1

RECEIVING CASH FOR A DISHONORED NOTE RECEIVABLE page 294 September 30. Received cash from Ruth Javinsky for dishonored Note Receivable No. 8: maturity value, $252.50, plus additional interest, $10.18; total, $262.68. Receipt No. 201. 1. Calculate number of days from maturity date to date of payment. 2. Calculate additional interest income. Time Number of Days June 1 through 30 29 (30 – 1 = 29) July 31 August 31 September 1 through 30 30 Total number of days 121 days 1 Maturity Value Interest Rate Fraction of Year = Additional Interest × $252.50 12% 121 360 = $10.18 × 2 LESSON 10-1

RECEIVING CASH FOR A DISHONORED NOTE RECEIVABLE page 294 3 5 4 3. Record payment of the account receivable. 4. Record additional interest income. 5. Enter total cash received. LESSON 10-1

TERMS REVIEW notes receivable dishonored note page 296 LESSON 10-1 5/24/2019 TERMS REVIEW page 296 notes receivable dishonored note LESSON 10-1 RED