Tarheel Services Is Holding a Note Receivable from One of Its

question 77

Essay

Tarheel Services is holding a note receivable from one of its customers and wishes to collect the cash earlier than the maturity date of the note. The note is for $1,000 and carries a rate of 4%. Tarheel sells the note to a bank for $950. Please provide the journal entry which Tarheel makes to record this transaction.

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Definitions:

Move Instruction

A programming command used in PLCs or computer languages to transfer data from one location to another.

Source Address

In networking, it refers to the unique address of the sender in a data packet or frame.

Destination Address

In networking, it refers to the address to which data packets are being sent.

Value

A numerical or categorical information that represents the magnitude, quantity, or quality of a variable or entity.