Notes Receivable
4 important questions on Notes Receivable
Notes not Issued at Face Value
Zero-Interest Bearing Notes: Interest is included in the Face amount
Short-Term Notes Receivable JE
DR N/R (Face Value)
CR Sales
If note crosses reporting date:
DR Interest Receivable(FV * Discount * # of months/12)
CR Interest Revenue
At maturity:
DR Cash
CR N/R (FV)
CR Interest receivable (Notes from crosses reporting date)
CR Interest revenue (Current period Interest)
Zero-Interest-Bearing Notes
PV=Face Value * PV-1(i,n)
DR N/R(FV)
CR Cash (PV Calculation)
CR Discount on N/R (Plug)
2.) Effective Interest Method to amortize the discount to interest revenue
Interest Revenue= Carrying Amount * Market Rate
Discount Amortized=Interest Revenue-Cash Received
Carrying amount of note=Carrying Amount + Discount Amortized
3.) JE for recognition of interest
DR Discount on N/R
CR Interest Revenue (Carrying Amount x Market Rate)
- Higher grades + faster learning
- Never study anything twice
- 100% sure, 100% understanding
For my 1st exam, I got a C. Then, I started looking for ways to learn better, and I came across Study Smart. Since then, I have scored an A+, A, A-, and another A. I highly recommend it to everyone who wants to hear it. I am so happy with it!!
I was struggling to finish all my first-year subjects for three years. Then I discovered Study Smart, which helped me to complete all of them within three months.
Because of StudySmart, things are going well in many ways. Before, I always had study stress and no time for anything. Now I feel calm and confident (because of the program). I used to score a B, and now I usually score an A or A+.
Hey Chris, I really want to thank you very much for developing the platform, I usually got around C for my exams, now I scored an A+, an A and a A- !!
Since using Study Smart, my average has increased significantly. I even completed a statistics course with an A+ while I'm bad at statistics. I took on extra classes this year because of Study Smart. Thanks so much!
Ever since I started studying with StudySmart, I have passed all my exams! No more re-sits! At first, I was happy with a pass, and now I only get good grades. Many thanks!
I aced all the courses I studied with Study Smart. For law, I first scored a D, and now an A! I’m 100% sure that I’ll pass all the courses I study with Study Smart.
I always thought I studied well. My grades were fine. I could never have imagined that applying these study skills would have such a huge and direct impact on each stage, my speed, and the pleasure I have in learning.
For the first time, I finally feel confident about the way I learn. I have the perfect overview and have made significant progress in terms of speed and the grades I get. Thanks, Chris!
I immediately started to enjoy learning again, and my grades soared. All of a sudden, everything went better. I highly recommend Study Smart to all students..
Being able to create my materials online made the process of studying so much smoother and quicker. I no longer have to spend a considerable amount of my time developing my summaries.
At first, my notes were a mess. Now I use Study Smart to take my notes in a perfectly structured way. It helps me to save a lot of time and do other things I enjoy.
Students that study with Study Smart get better grades. The system applies all the learning methods so that both well-performing students and students who struggle perform much better.
Hi Chris, I would like to thank you very much. Last year I scored C on a course, and this year I got an A+ thanks to your method! Thank you very much!
The most considerable effect is that my child is more enthusiastic about school! Every parent wants their children to be happy at school. Study Smart made it happen.
In high school, I failed several exams, and that has really changed now. I actually needed this tool very much back then. Since I started studying with StudySmart, I haven't had any Ds. My average score is now an A, and those are results I would have never had in the past.
With my old method, I passed only 3 out of 8 courses. However, since I started taking my notes digitally in Study Smart, I have passed all my lessons on the first try. For me, StudySmart takes away the stress of wondering if I will give or not.
Thanks to StudySmart, I passed all my exams and with better grades than before! On top of that, I have mastered a perfect study method now, which I am confident will help me earn my degree.
Notes received for Property, goods, or Services
- No interest rate is stated, or
- The Stated rate is unreasonable, or
- The face amount of the note is materially different from the current cash sales price for the same or similar items or from the current fiar value of the debt instrument.
The question on the page originate from the summary of the following study material:
- A unique study and practice tool
- Never study anything twice again
- Get the grades you hope for
- 100% sure, 100% understanding
