How would I journalize the following transaction:

Received a $10,000 note receivable from a customer on account.

I didn't make up the transaction, I just need help journalizing it. :)

Thanks in advance!!

Never mind... got it figured out... thanks for looking. :)

Quote:

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Originally Posted by jodyllj

How would I journalize the following transaction:

Received a $10,000 note receivable from a customer on account.

I didn't make up the transaction, I just need help journalizing it. :)

Thanks in advance!!!

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Oct 31 Dr Cr
Notes receivable 10,000
Accounts receivable 10,000
To record fee earned

Lonnie borrowed $500 from his dad to purchase a lawn mower. Is cash debited and accounts payable credited?

If Lonnie is the business owner he is borrowing a short term loan so account receivable is debited because you are receiving cash and loans payable is credited/or accounts payables depending on the terminology used by your instructor.But you are correct

ACCT RECEIVABLE 500 DR
LOANS PAYABLE 500 CR
Note *To record cash borrowed for a loan

Quote:

---

Originally Posted by jodyllj

How would I journalize the following transaction:

Received a $10,000 note receivable from a customer on account.

I didn't make up the transaction, I just need help journalizing it. :)

Thanks in advance!!!

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Debit the cash and credit the accounts receivables

You are receiving cash so naturally debit should be given to cash as par accounting basic principals and credited shoud be given to a/c receivable.