Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. 421m 9) a promissory note received from a customer

421m 9) A promissory note received from a customer in exchange for an account receivable...

50.1K

Verified Solution

Question

Accounting

image
421m 9) A promissory note received from a customer in exchange for an account receivable is recorded by the payee as: A) An account receivable B) A cash equivalent. C) A note payable. D) A note receivable E) A short-term investment. 8AIATRT 10) The maturity date of a note receivable: A) Is the day the note was signed. B) Is the day of the credit sale. C) Is the day the note is due to be repaid. D) Is the date of the first payment. E) Is the last day of the month. 11) The interest accrued on $7,500 at 6% for 90 days is: (Use 360 days a year.) A) $450.00. B) $11.25. C) $112.50. D) $37.50. E) $1,800.00 odTt (2 Ovil ln 12) A 90-day note issued on April 10 matures on: A) July 12. B) July 10. C) July 11. D) July 9. E) July 13. 13) A company has net sales of $1,883,200 and average accounts receivable of $428,000. What is its accounts receivable turnover for the period? A) 0.34 B) 7.80 C) 78.60 D) 24.20 E) 4.40 ibo b d

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students