1- Presented below are various receivable transactions entered into by Renner Tool Company. Indicate whether the receivables are reported as accounts receivable, notes receivable, or other receivables on the balance sheet.
a. Advanced $1,000 to a trusted employee.
b. Accepted a $2,000 promissory note from a customer as payment on account.
c. Determined that a $10,000 income tax refund is due from the IRS.
d. Sold goods to a customer on account for $5,000.
e. Recorded $500 accrued interest on a note receivable due next year.
f. Loaned a company officer $4,000.
2- Eileen Corp. had the following balances in receivable accounts at October 31, 2022 (in thousands): Allowance for Doubtful Accounts $52, Accounts Receivable $2,910, Other Receivables $189, and Notes Receivable $1,353.
Instructions: Prepare the balance sheet presentation of Eileen Corp.'s receivables in good form.
3- Finney had the following transactions during March, 2022.
a) Finney sold and delivered $14,000 of merchandise to LJ Enterprises, terms 2/10, n30.
b) LJ Enterprises also ordered an additional $5,000 worth of goods on the last day of the month.
c) Finney lent $1,000 to its company president who promised to repay the loan on the 15^(th ) day of the next month.
l-Presented below are various receivable transactions entered into by Renner Tool Company. Indicate whether the receivables are reported as accounts receivable, notes receivable,or other receivables on the balance sheet.
a.Advanced $1,000 to a trusted employee
b. Accepted a $2,000 promissory note from a customer as payment on account.
c.Determined that a $10.000 income tax refund is due from the IRS
d. Sold goods to a customer on account for $5,000.
e.Recorded $500 accrued interest on a note receivable due next year
f.Loaned a company officer $4,000
2-Eileen Corp.had the following balances in receivable accounts at October 31. 2022 (in thousands): Allowance for Doubtful Accounts $52,Accounts Receivable $2,910,Other Receivables $189,and Notes Receivable $1,353
Instructions: Prepare the balance sheet presentation of Eileen Corp.'s receivables in good form.
3- Finney had the following transactions during March, 2022
a) Finney sold and delivered $14,000 of merchandise to LJ Enterprises, terms 2/10,n30. b) LJ Enterprises also ordered an additional $5,000 worth of goods on the last day of the month. c) Finney lent $1,000 to its company president who promised to repay the loan on the 15t" day of the next month.
