Ask Question
BusinessBusiness
22 November, 03:30

On January 10, 2017, Perez Co. sold merchandise on account to Robertsen Co. for $24,600, n/30. On February 9, Robertsen Co. gave Perez Co. a 11% promissory note in settlement of this account. Prepare the journal entry to record the sale and the settlement of the account receivable.

+1
Answers (1)
  1. 22 November, 06:51
    0
    Two entries are made one for sale and the other for the promissory note.

    Perez Co

    Date Particulars Debit Credit

    January 10, 2017 Accounts Receivable $24,600, Dr

    Merchandise $24,600, Cr

    Sale of merchandise on account to Robertsen Co. for $24,600, n/30.

    February 9, Notes Receivable $ 24600 Dr

    Accounts Receivable $24,600 Cr

    Robertsen Co. gave Perez Co. a 11% promissory note in settlement of this account.

    As this note is given within the 30 days no cash has been paid in settlement of the accounts receivable. If any cash had been paid the entry would have been different.
Know the Answer?
Not Sure About the Answer?
Find an answer to your question ✅ “On January 10, 2017, Perez Co. sold merchandise on account to Robertsen Co. for $24,600, n/30. On February 9, Robertsen Co. gave Perez Co. ...” in 📘 Business if you're in doubt about the correctness of the answers or there's no answer, then try to use the smart search and find answers to the similar questions.
Search for Other Answers
You Might be Interested in
All managers are great leaders (4pts) true false
Answers (1)
Local governments receive most of their money from what two kinds of taxes?
Answers (1)
A monopolist will earn economic profits as long as his price exceeds. True or False
Answers (1)
1. The common stock of Textile Mills pays an annual dividend of $1.65 a share. The company has promised to maintain a constant dividend even though economic times are tough.
Answers (1)
Zwick Company bought 28,000 shares of the voting common stock of Handy Corporation in January 2013. In December, Hart announced $200,000 net income for 2013 and declared and paid a cash dividend of $2 per share on the 200,000 shares of outstanding
Answers (1)
New Questions in Business
Evan Company reports net income of $140,000 each year and declares an annual cash dividend of $50,000. The company holds net assets of $1,200,000 on January 1, 2017.
Answers (1)
Those who believe that regulations on business and industry are too numerous and too complex are most likely to favor the policy of
Answers (1)
In phenomenological studies, researchers strive to ensure that their own preconceived beliefs and opinions do not influence the emerging data, using which strategy? a. Constant comparison. b. Participant observation. c. Hermeneutics. d. Bracketing.
Answers (1)
A survey by the National Restaurant Association found that 70% of consumers say that they are more likely to visit restaurants that offer locally produced food.
Answers (1)
Which of the following is not a quality of a good employee? a. hardworking b. dishonest c. polite d. punctual
Answers (2)
Home » Business » On January 10, 2017, Perez Co. sold merchandise on account to Robertsen Co. for $24,600, n/30. On February 9, Robertsen Co. gave Perez Co. a 11% promissory note in settlement of this account.
Sign Up Forgot Password?