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

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Presentation transcript:

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

CENTURY 21 ACCOUNTING © Thomson/South-Western 2 LESSON 20-2 SIGNING A NOTE PAYABLE-with the bank page 593 May 18. Signed a 90-day, 6% note, $20, Receipt No After signing a Note Payable with the bank, the cash is received and deposited into your checking account.

CENTURY 21 ACCOUNTING © Thomson/South-Western 3 LESSON 20-2 PAYING PRINCIPLE AND INTEREST ON A NOTE PAYABLE page 594 August 16. Paid cash for the maturity value of the May 18 note: principal, $20,000.00, plus interest, $300.00; total, $20, Check No When you pay a Notes Payable, the is the time to record the amount of interest you paid. Interest Expense is increased by the amount of interest, cash is decreased because you spent cash to pay off the note, and notes payable is decreased because you no longer owe the bank.

CENTURY 21 ACCOUNTING © Thomson/South-Western 4 LESSON 20-2 SIGNING A NOTE PAYABLE FOR AN EXTENSION OF TIME page 595 June 5. Restaurant Supply signed a 90-day, 12% note to Hayport Company for an extension of time on its account payable, $4, Memorandum No. 66. When an extension of time to pay is requested from a vendor, the Accounts Payable amount owed is transferred to the Notes Payable account.

CENTURY 21 ACCOUNTING © Thomson/South-Western 5 LESSON 20-2 PAYING A NOTE PAYABLE ISSUED FOR AN EXTENSION OF TIME page 596 September 3. Paid cash for the maturity value of the note payable to Hayport Company: principal, $4,000.00, plus interest, $120.00; total, $4, Check No Paying a note payable from a vendor, is the same as paying a note from a bank: Debit: Notes Payable and Interest ExpenseCredit: Cash Stop Here….

CENTURY 21 ACCOUNTING © Thomson/South-Western 6 LESSON 20-3 ACCEPTING A NOTE RECEIVABLE FROM A CUSTOMER page 598 April 14. Accepted a 90-day, 8% note from Martin Sterling for an extension of time on his account, $3, Note Receivable No. 9. When you extend time to a customer, the Accounts Receivable balance is transferred to a Notes Receivable Account.

CENTURY 21 ACCOUNTING © Thomson/South-Western 7 LESSON 20-3 COLLECTING PRINCIPAL AND INTEREST ON A NOTE RECEIVABLE page 599 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, Receipt No When a customer pays the amount of the Notes Receivable, you record the interest earned and the full amount of the cash received. Debit: CashCredit: Notes Receivable and Interest Income

CENTURY 21 ACCOUNTING © Thomson/South-Western 8 LESSON 20-3 RECORDING A DISHONORED NOTE RECEIVABLE 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, $ Memorandum No. 92. When a customer fails to pay a Notes Receivable, the full amount (note amount plus interest) is transferred back to Accounts Receivable.