Reference no: EM13940856
Problem: ACCOUNTING FOR NOTES RECEIVABLE
Sloan Systems sells voice mail systems to small businesses. During 2009, Sloan engaged in the following activities involving notes receivable:
a. On November 1, Sloan sold an $8,000 system to Majors Company. Majors gave Sloan a six-month, 9 percent note as payment.
b. On December 1, Sloan sold a $6,000 system to Hadley, Inc. Hadley gave Sloan a nine-month, 12 percent note as payment.
c. On April 30, 2010, Majors paid the amount due on its note.
d. On August 31, 2010, Hadley paid the amount due on its note.
Prepare entries for Sloan Systems to record these transactions.
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: Sloan Systems sells voice mail systems to small businesses. During 2009, Sloan engaged in the following activities involving notes receivable. Prepare entries for Sloan Systems to record these transactions.
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