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24 July, 08:03

You perform a business service for which you charge $575. You receive $200 in cash and a promissory note for the balance payable in 60 days. What steps will you use to show this transaction on your balance sheet.?

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  1. 24 July, 11:25
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    We are asked to show the transaction in the balance sheet of a customer who made a promissory note that he will pay the remaining in 60 days. The given values and details are shown below:

    Charge = $575

    Cash = $200

    Balance = $375

    The transaction is Receivables ($200, $375, $575).
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