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Ms. Fatima sold to Ms. Ruqaiya OMR 70,000 worth of goods on the 15th of...

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Accounting

Ms. Fatima sold to Ms. Ruqaiya OMR 70,000 worth of goods on the 15th of April 2023 by accepting 150 days, 6% interest
bearing note. Both Ms. Fatima & Ms. Ruqaiya need your help in understanding how and in what way the notes receivable
and the payables should be treated. Provide them with the required help by showing how the transactions wouldbe treated
in the books of both parties in the following situations:
a) When the notes are accepted.
b) On the maturity date, the note is honored.
c) Suppose Ms. Fathima prepared final accounts on the 25th of July 2023.
d) Following the above situation, the bill is met with maturity.
e) The note was dishonored on the maturity date by Ms. Ruqaiya.

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