Ask Experts Questions for FREE Help!
  Advanced
Register  |  Log in  
   Ask    
 Answer  
  Help  

Ask QuestionsprogressAnswer QuestionsprogressBuild ReputationprogressBecome an Expert
 
Free Answers in 3 Easy Steps

Register Now		 3 Steps

At Ask Me Help Desk you can ask questions in any topic and have them answered for free by our experts. To ask questions or participate in answering them you must register for a free account. By registering you will be able to:
  • Get free answers from experts in any of our 300+ topics.
  • Accept money for answers that you provide.
  • Communicate privately with other members (PM).
  • See fewer ads.

Home > Business & Careers > Accounting   »   Note Receivable

Answer this Question Ask about Accounting
 
Thread Tools Display Modes
Question
 
 
#1  
Old Feb 19, 2006, 10:09 AM
Dell
New Member
Dell is offline 		 
Join Date: Feb 2006
Posts: 20
Dell See this member's comment history on his/her Profile page.
Note Receivable
Accepted a 90-day $1,000 note receivable from a company for services performed.

How do I journalize this transacation?

Note Receivables DR $1,000 and CR to which account?

Thanks,
Dell

Reply With Quote
 
     

Answers
 
 
Old Feb 19, 2006, 11:12 AM   #2  
Finance & Accounting Expert
CaptainForest is offline
 
CaptainForest's Avatar
 
Join Date: Nov 2005
Location: Canada
Posts: 3,672
CaptainForest See this member's comment history on his/her Profile page.CaptainForest See this member's comment history on his/her Profile page.CaptainForest See this member's comment history on his/her Profile page.CaptainForest See this member's comment history on his/her Profile page.
Cr. Sales 1,000

That is saying to a customer, instead of taking 30 days to pay me (Accounts Receivable), you can have 90, but at a certain interest rate...Notes Receivable
  Reply With Quote
 
     
 
 
Old Feb 19, 2006, 12:42 PM   #3  
New Member
Dell is offline
 
Join Date: Feb 2006
Posts: 20
Dell See this member's comment history on his/her Profile page.
Instead of crediting sales can I enter the credit to Fee Income, because the company doesn't have a Sales account.

Thanks,
Dell
  Reply With Quote
 
     
 
 
Old Feb 19, 2006, 12:51 PM   #4  
Finance & Accounting Expert
CaptainForest is offline
 
CaptainForest's Avatar
 
Join Date: Nov 2005
Location: Canada
Posts: 3,672
CaptainForest See this member's comment history on his/her Profile page.CaptainForest See this member's comment history on his/her Profile page.CaptainForest See this member's comment history on his/her Profile page.CaptainForest See this member's comment history on his/her Profile page.
Yes,

Sales, Fee Income, its all Revenue. Companies just call it different things.

So if they have something for Fee Income, then Credit that.
  Reply With Quote
 
     
 
 
Old Feb 19, 2006, 02:48 PM   #5  
New Member
Dell is offline
 
Join Date: Feb 2006
Posts: 20
Dell See this member's comment history on his/her Profile page.
Thank you so much.

Dell
  Reply With Quote
 
     
Answer this Question Ask about Accounting

« Previous Thread | Next Thread »

Thread Tools
Display Modes
Linear Mode Linear Mode

 
Similar Sponsors

Similar Threads
Question Asker Forum Answers Last Post
Too much to expect a thank you note?? Plumbpudding Etiquette 11 Jan 29, 2008 09:19 AM
what is schedule of accounts receivable babebutterfly Accounting 2 Feb 24, 2007 12:00 AM
accounts receivable fullmark Finance & Accounting 0 Sep 13, 2006 08:03 AM
Promisory Note jaw Bankruptcy & Debt 1 Dec 1, 2005 05:53 AM
Accounts Receivable Turnovers, Number of days' sal lala1973 Accounting 0 Mar 23, 2004 07:52 PM




Copyright ©2003 - 2007, Ask Me Help Desk.
All times are GMT -8. The time now is 04:36 AM.