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A note receivable would be set up when a company lends money to another entity with the promise to pay back the amount at a later date (and normally to make scheduled interest payments).
Since this account is an asset account, setting it up would be a Debit entry to the account. The entry would be:
Debit Notes receivable
Credit Cash
This represents an increase to notes receivable (an asset account), and a decrease to cash (also asset) reflecting the outflow of cash to the entity that is borrowing the funds.
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A Credit entry reduces Accounts Receivable
Does interest receivable have credit or debit balance?
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Is interest receivable debit or credit?
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credit
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Is a decrease in accounts receivable debit or credit?
A Credit entry reduces Accounts Receivable
Does interest receivable have credit or debit balance?
credit
Is a Decrease in Interest Receivable a credit or debit?
a decrease in a receivable is a decrease in an asset therefore its a credit.
Are accounts receivable a debit or credit on trial balance sheet?
Debit
What is the double entry for sale?
Cash/Bank/Accounts Receivable [Debit] Sales[Credit]
How do you enter rent received and rent receivable in accounts?
Journal Entry for Rent Received:[Debit] Rent Received[Credit] Cash/bankJournal entry for rent receivable[Debit] Accounts Receivable[Credit] Rent Receivable
What would the journal entry be to record an accured revene?
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When a company receives an interest-bearing note receivable?
Debit notes receivable for the face value of the note.
