On July 17, 2011, Pear, Inc.writes a 60-day, 12%, $20,000 note to settle an open account with Solar
Solutions. Who will record a note receivable on its statement of financial position, and on what date will note be recorded?

Question

On July 17, 2011, Pear, Inc.writes a 60-day, 12%, $20,000 note to settle an open account with Solar
 Solutions. Who will record a note receivable on its statement of financial position, and on what date will note be recorded?

Quizplus · Accepted Answer

Solar Solutions will record a note receivable on July 17, 2011, as they are the party receiving the note from Pear, Inc. to settle the account.