Presented below are three receivables transactions. indicate whether these receivables are reported as accounts receivable, notes receivable, or other receivables on a balance sheet. (a) advanced $10,000 to an employee. select an account title (b) received a promissory note of $34,000 for services performed. select an account title (c) sold merchandise on account for $60,000 to a customer.

(A) Other receivables

(B) Notes receivable

(C) Accounts receivable

Explanation:

(A) Advanced $10,000 to an employee - Other receivables - Neither it is a note receivable nor it is an account receivable. So, it is considered as the other receivables

(B) Received a promissory note of $34,000 for services performed - Notes receivable - As the promissory note is received so it is considered as notes receivable and hence, shown in current assets in the balance sheet

(C) Sold merchandise on account for $60,000 to a customer - Accounts receivable - As the sale is made on credit. The journal entry is shown below:

Accounts receivable A/c Dr $60,000  

      To Service revenue A/c $60,000  

(Being service provided is recorded)

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