Presented below are three receivables transactions. Indicate whether these receivables are reported as accounts receivable, notes receivable, or other receivables on a balance sheet.
(a) Sold merchandise on account for $70,000 to a customer.
(b) Received a promissory note of $57,000 for services performed.
(c) Advanced $10,000 to an employee.
Record the following transactions on the books of Essex Golf Supplies.
(a) On July 1, Essex sold merchandise on account to Harrard Golf Club for $16,000, terms 2/10, n/30.
(b) On July 8, Harrard returned merchandise worth $3,800 to Essex Co.
(c) On July 11, Harrard paid for the merchandise.
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