Note Receivable On 15 April 20X8, Hall Company sold merchandise to Customer McCready for $175,000,...
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Accounting
Note Receivable
On 15 April 20X8, Hall Company sold merchandise to Customer McCready for $175,000, terms 2/10, n/30. The sale is recorded gross, at $175,000. Because of non- payment by McCready, Hall agreed to accept a $175,000, 5%, 12-month note on 1 May 20X8 to replace the account receivable. The annual reporting period ends 30 September. Customer McCready paid the note in full on its maturity date. Required: 1. Give all entries related to the transactions through to maturity. The company uses the gross method to account for accounts and notes receivable. 2. Show the items that will be reported on the 20X8 statement of comprehensive income and statement of financial position.
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