Answer to Question #270215 in Finance for Sindi Mio

Question #270215

1-On May 2, 200X, company N, which traded machinery and equipment, received from a buyer a promising receipt with a term of 6 months, with an interest of 8% and a principal value of 150,000 ALL.

2-After keeping the promissory note for 6 months, on November 2, the firm collected its maturity value.

3-On July 1, firm N sold a machine on credit to buyer A, for a period of 3 months, worth ALL 100,000.

4-On July 2, firm N sold a device on credit to client X, for a period of 1 month, worth 40,000 ALL.

5-On August 2, client X was unable to pay the value of the device, so he agreed with firm N to pay the value of the device after 3 months. Client X issued to firm N a promising receipt with 7% interest.

6-On October 1, buyer A shot to firm N the value of the machine ё bought on July 1.

Required: To reflect economic events in the form of effects +/- in the relevant accounts

Expert's answer
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