Calculate the interest on a \$30,000 note receivable with a 5% annual interest rate over a 60-day period.

What is interest receivable?

A company sells \$15,000 worth of goods on account. What is the correct journal entry?

Which of the following best describes non-trade receivables?

Calculate the interest on a \$25,000 note receivable with a 7% annual interest rate over a 180-day period.

Which of the following best describes trade receivables?

A customer cannot pay their \$10,000 account receivable on time and offers a 120-day, 5% note instead. What journal entry should be made to reflect this change?

Why are receivables considered assets?

Which of the following is a key difference between accounts receivable and notes receivable?

A company sells \$18,000 worth of goods on account. What is the correct journal entry?