Two Transactions Were Posted to the Following Customer Account:NAME: Gen-X

question 190

Essay

Two transactions were posted to the following customer account:NAME: Gen-X Products,Inc.Address: 123 My Way​ Describe each transaction and the source of each posting.

Determine the cash receivable amount upon maturity of a note.

Recognize notes receivable in financial accounts.

Identify the maturity date of notes receivable.

Understand the implications of dishonored notes and the appropriate accounting entries.

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Definitions:

Odometer

A device used in vehicles to measure the distance traveled.

Commercial Impracticability

A doctrine that excuses the performance of a contract when an unforeseen event makes it excessively burdensome or difficult to carry out as agreed.

Fraudulent Misrepresentation

False statements made knowingly, without belief in their truth, or recklessly, with intent to deceive and induce another to enter into a contract.

Rescind

To revoke, cancel, or annul a contract, making it as if it never existed.