During 2018, LeBron Corporation accepts the following notes receivable. a. On April 1, LeBron provides services to a customer on account. The customer signs a four-month, 9% note for $5,300. b. On June 1, LeBron lends cash to one of the company’s executives by accepting a six-month, 10% note for $9,300. c. On November 1, LeBron accepts payment for prior services by having a customer with a past due account receivable sign a three-month, 8% note for $4,300. Required: Record the acceptance of each of the notes receivable. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)

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andromache andromache · Answer 1 · 2019-10-07T09:05:53+02:00

Answer:

Explanation:

The journal entries are shown below:

a. Short term notes receivable A/c Dr $5,300

To Service revenue A/c $5,300

(Being the service is provided based on the notes receivable)

b. Short term notes receivable A/c Dr $9,300

To Cash A/c $9,300

(Being cash is paid)

c. Short term notes receivable A/c Dr $4,300

To Account receivable A/c $4,300

(Being 3-month note receivable is accepted which is signed by the customer)

abiolataiwo2015 abiolataiwo2015 · Answer 2 · 2021-11-05T13:07:27+01:00

Based on the information given the appropriate journal entries to record the acceptance of each of the notes receivable are:

LeBron Corporation Journal entries

April 1

Debit Notes receivable $5,300

Credit Service revenue $5,300

(To record services provided on account)

June 1

Debit Notes receivable $9,300

Credit Cash $9,300

(To record cash paid)

November 1

Debit Notes receivable $4,300

Credit Account receivable $4,300

(To record account receivable)

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