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What is the journal entry (debit, credit) for this problem?
bokuwa
Nov 19, 2015, 07:28 AM
What is the journal entry (debit, credit) for this problem "Collected a $9,600 60-day 10% note from a credit customer to settle account"?
pready
Nov 19, 2015, 08:51 AM
Your accounts will be Notes Receivable and Accounts Receivable. The credit customer exchanged an account receivable to a note receivable.
paraclete
Nov 19, 2015, 02:13 PM
If you "collected" then cash is involved