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Home/ Questions/Record the collection of the Lopez note at its maturity in 2021
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ptntuto
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ptntuto
Asked: April 10, 20222022-04-10T08:29:06+00:00 2022-04-10T08:29:06+00:00In: Accounting

Record the collection of the Lopez note at its maturity in 2021

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Revelant knowledge

The notes receivable relate to an asset in which the lender is able to receive the principal amount and interest when the note matures. the note. The note is able to be traded and the money could be withdrawn from the note prior to the time of maturity. The receivables from notes are shown on the balance sheet as assets. your balance sheets. The interest payable prior to expiration is recorded on the account books on an accrued basis. The interest earned is a source of income for the money lender.

notes receivable
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    tonytutoria
    2022-04-10T08:29:09+00:00Added an answer on April 10, 2022 at 8:29 am

    Answer:

    Date Account Titles Debit Credit
    Nov 1 Cash 11200
    Interest Receivable  200 =10000*12%*2/12
    Interest Revenue 1000 =10000*12%*10/12
    Notes Receivable 10000
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