LESSON 20-3
Notes Receivable

CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning
2

ACCEPTING A NOTE RECEIVABLE FROM
page 598
A CUSTOMER
April 14. Accepted a 90-day, 8% note from Martin Sterling for an
e...
3

COLLECTING PRINCIPAL AND INTEREST
page 599
ON A NOTE RECEIVABLE
July 13. Received cash for the maturity value of Note R...
RECORDING A DISHONORED NOTE
RECEIVABLE

4
page 600

May 6. Jill Davis dishonored Note Receivable No. 12, a 90-day, 8%
note...
5

TERMS REVIEW

page 602

 notes receivable
 interest income
 dishonored note

CENTURY 21 ACCOUNTING © 2009 South-West...
5

TERMS REVIEW

page 602

 notes receivable
 interest income
 dishonored note

CENTURY 21 ACCOUNTING © 2009 South-West...
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Lesson 20 3

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Lesson 20 3

  1. 1. LESSON 20-3 Notes Receivable CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning
  2. 2. 2 ACCEPTING A NOTE RECEIVABLE FROM page 598 A CUSTOMER April 14. Accepted a 90-day, 8% note from Martin Sterling for an extension of time on his account, $3,000.00. Note Receivable No. 9. 1 2 1. Debit to Notes Receivable 2. Credit to Accounts Receivable CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning LESSON 20-3
  3. 3. 3 COLLECTING PRINCIPAL AND INTEREST page 599 ON A NOTE RECEIVABLE July 13. Received cash for the maturity value of Note Receivable No. 9, a 90-day, 8% note: principal, $3,000.00, plus interest, $60.00; total, $3,060.00. Receipt No. 562. 2 1 3 5 1. 2. 3. 4. Write the date. Write the account title. Write the receipt number. Write the principal amount. 4 6 7 5. On the next line, write the account title. 6. Calculate and write the interest income amount. 7. Write the maturity value. CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning LESSON 20-3
  4. 4. RECORDING A DISHONORED NOTE RECEIVABLE 4 page 600 May 6. Jill Davis dishonored Note Receivable No. 12, a 90-day, 8% note, maturity value due today: principal, $600.00; interest, $12.00; total, $612.00. Memorandum No. 92. 1 2 3 1. Debit to Accounts Receivable 2. Credit to Notes Receivable 3. Credit to Interest Income CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning LESSON 20-3
  5. 5. 5 TERMS REVIEW page 602  notes receivable  interest income  dishonored note CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning LESSON 20-3
  6. 6. 5 TERMS REVIEW page 602  notes receivable  interest income  dishonored note CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning LESSON 20-3

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