Analyze each situation given below and indicate which type of receivable it produces. (Choose one of the options provided in the drop down menu). - A company paid the salary to one of its employees in advance, at the beginning of the month { notes receivable, other receivable, accounts receivable, no receivable}. - A merchandies company sold goods to a customer abd cash was received one month before the items delivery { notes receivable, other receivable, accounts receivable, no receivable}. - A service company performed a service for a customer and cash was received one week before the service { notes receivable, other receivable, accounts receivable, no receivable}. - A merchandise company sold goods to a customer and cash was received at items delivery { notes receivable, other receivable, accounts receivable, no receivable}. - A service company performed a service for a customer and cash was received immediately after the service { notes receivable, other receivable, accounts receivable, no receivable}. - A service company performed a service for a customer and the customer agreed to pay after 3 months, with 10% interst, by signing a promissory note { notes receivable, other receivable, accounts receivable, no receivable}. - A merchandise company sold goods to a customer and the customer agreed to pay after 6 months, with 6% interst, by signing a promissory note { notes receivable, other receivable, accounts receivable, no receivable}. - A service company performed a service for a customer and cash would be received 15 days after the service { notes receivable, other receivable, accounts receivable, no receivable}. - A company granted a $20,000 loan to one of its employees, interest free { notes receivable, other receivable, accounts receivable, no receivable}. - A merchandise company sold goods to a customer and cash would be received 10 days after items delivery { notes receivable, other receivable, accounts receivable, no receivable}.

College Accounting (Book Only): A Career Approach

12th Edition

ISBN:9781305084087

Author:Cathy J. Scott

Publisher:Cathy J. Scott

Chapter10: Cash Receipts And Cash Payments

Section: Chapter Questions

Problem 4PA: The following transactions were completed by Hammond Auto Supply during January, which is the first...

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Analyze each situation given below and indicate which type of receivable it produces. (Choose one of the options provided in the drop down menu). - A company paid the salary to one of its employees in advance, at the beginning of the month { notes receivable, other receivable, accounts receivable, no receivable}. - A merchandies company sold goods to a customer abd cash was received one month before the items delivery { notes receivable, other receivable, accounts receivable, no receivable}. - A service company performed a service for a customer and cash was received one week before the service { notes receivable, other receivable, accounts receivable, no receivable}. - A merchandise company sold goods to a customer and cash was received at items delivery { notes receivable, other receivable, accounts receivable, no receivable}. - A service company performed a service for a customer and cash was received immediately after the service { notes receivable, other receivable, accounts receivable, no receivable}. - A service company performed a service for a customer and the customer agreed to pay after 3 months, with 10% interst, by signing a promissory note { notes receivable, other receivable, accounts receivable, no receivable}. - A merchandise company sold goods to a customer and the customer agreed to pay after 6 months, with 6% interst, by signing a promissory note { notes receivable, other receivable, accounts receivable, no receivable}. - A service company performed a service for a customer and cash would be received 15 days after the service { notes receivable, other receivable, accounts receivable, no receivable}. - A company granted a $20,000 loan to one of its employees, interest free { notes receivable, other receivable, accounts receivable, no receivable}. - A merchandise company sold goods to a customer and cash would be received 10 days after items delivery { notes receivable, other receivable, accounts receivable, no receivable}.

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