Reference no: EM13512051
Classify each of the following items as: (A) Accounts Receivable, (B) Notes Receivable, (C) Trade Receivables, (D) Nontrade Receivables, or (E) Other (indicate nature of item). Because the classifications are not mutually exclusive, more than one classification may be appropriate. Also indicate whether the item would normally be reported as a current or noncurrent asset assuming a 6-month operating cycle.
1. MasterCard or VISA credit card sale of merchandise to customer
2. Overpayment to supplier for inventory purchased on account
3. Insurance claim on automobile accident
4. Charge sale to regular customer
5. Advance to sales manager
6. Interest due on 5-year note from company president, interest payable annually
7. Acceptance of 3-year note on sale of land held as investment
8. Acceptance of 6-month note for past-due account arising from the sale of inventory
9. Claim for a tax refund from last year
10. Prepaid insurance-four months remaining in the policy period
11. Overpayment by customer of an account receivable
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