During 2012, Jensen Company disposed of three different assets. On January 1, 20

Question

During 2012, Jensen Company disposed of three different assets. On January 1, 2012, prior to their disposal, the accounts reflected the following:

Machine B: Sold on December 31, 2012, for $9,200; received cash, $2,100, and a $7,100 interest bearing (12 percent) note receivable due at the end of 12 months.

Machine C: On January 1, 2012, this machine suffered irreparable damage from an accident. On January 10, 2012, a salvage company removed the machine at no cost.

What do I record for Note Receivable in 2012?

During 2012, Jensen Company disposed of three different assets. On January 1, 2012, prior to their disposal, the accounts reflected the following:

Explanation / Answer

record for Note Receivable in 2012:

Notes receivables Debit 7100

account receivables Credit 7100

Related Questions

Navigate

• Browse (All)
• Browse D
• Subjects

Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.