On November 1, Orpheum Company accepted a $12,000, 90-day, 10% note from a customer to replace an account receivable. What entry should be made by Orpheum on the November 1 to record the acceptance of the note? Multiple Choice Debit Notes Receivable $12,000; credit Cash $12,000. Debit Notes Receivable $12,000; credit Accounts Receivable $12,000. Debit Notes Receivable $12,000; credit Sales $12,000. Debit Notes Receivable $12,300; credit Accounts Receivable $12,000; credit Interest

On November 1, Orpheum Company accepted a $12,000, 90-day, 10% note from a customer to replace an account receivable. What entry should be made by Orpheum on the November 1 to record the acceptance of the note? Multiple Choice Debit Notes Receivable $12,000; credit Cash $12,000. Debit Notes Receivable $12,000; credit Accounts Receivable $12,000. Debit Notes Receivable $12,000; credit Sales $12,000. Debit Notes Receivable $12,300; credit Accounts Receivable $12,000; credit Interest

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Record the following transactions in the cash receipts journal. Jun. 12 Your company received payment in full from Jolie Inc. in the amount of $1,715 for merchandise purchased on June 4 for $1,750, invoice #1032. Jolie Inc. was offered terms of 2/10, n/30. Record the payment. Jun. 15 Portman Inc. mailed you a check for $2,600. The company paid for invoice #1027, dated June 1, in the amount of $2,600, terms offered 3/10, n/30. Jun. 17 Your company received a refund check (its check #12440) from the State Power Company because you overpaid your electric bill. The check was in the amount of $62. The Utility Expense account number is #450. Record receipt of the refund. If an amount box does not require an entry, leave it blank. CASH RECEIPTS JOURNAL Page: 24 Date Account InvoiceNo. Ref. CashDR SalesDiscountsDR AccountsReceivable,Sales, orotheraccounts CR 2019 Jun. 12 fill in the blank 3 fill in the blank 4 fill in the blank 5 fill in the blank 6 Jun. 15…
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