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mayamcmillan11
26.02.2020 •
Business
Hughes Aircraft sold a four-passenger airplane for $380,000, accepting a 12% note for the purchase price. This transaction would include a: Debit to Notes Receivable. Debit to Sales Discount. Credit to Notes Receivable. Credit to Cash.
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Ответ:
a. Debit to Notes Receivable
Explanation:
Journal entry for selling an asset in return for notes receivable is;
Notes Receivable A/c Dr.
To Asset A/C
In the given case, an aircraft is sold in exchange for a note receivable. The journal entry would be:
12% Notes Receivable A/C Dr. $380,000
To Aircraft $380,000
(Being notes receivable received in exchange for aircraft sold being recorded)
Notes Receivable is an asset for the receiver as it represents amount which is due to be received. Whenever an asset account is debited, it increases their balance.
Aircraft is an asset. When an asset is sold, it is credited. Here the asset being a movable asset.
Ответ:
I feel like the answer is "C" because it does not give a negative or positive condonation
Explanation: