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View Full Version : 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