[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!!

[jodyllj]

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

[jeanmat1]

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!!!

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

[tc_gary]

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

[jeanmat1]

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

[sasbika]

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!!!

Debit the cash and credit the accounts receivables

[khyati Parekh]

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.