Notes Receivable are a type of receivable that earns the company interest revenue.
Concept #1: Notes Receivable Definitions
Concept #2: Notes Receivable: Calculating the Maturity Date
Concept #3: Notes Receivable: Acquiring and Disposing
Concept #4: Notes Receivable: Interest Receivable Adjusting Entry
Practice: On April 15, Holden Company received a 60-day, 12% note in the amount of $10,000 from a customer who was having difficulty paying his account. When preparing the April 30 financial statements, the necessary adjusting entry related to interest would include: