During 2018, lebron corporation accepts the following notes receivable. a. on april 1, lebron provides services to a customer on account. the customer signs a four-month, 9% note for $5,300. b. on june 1, lebron lends cash to one of the company’s executives by accepting a six-month, 10% note for $9,300. c. on november 1, lebron accepts payment for prior services by having a customer with a past due account receivable sign a three-month, 8% note for $4,300. required: record the acceptance of each of the notes receivable. (if no entry is required for a transaction/event, select "no journal entry required" in the first account field.)

Based on the information given the appropriate journal entries to record the acceptance of each of the notes receivable are:

LeBron Corporation Journal entries

April 1

Debit Notes receivable $5,300

Credit Service revenue $5,300

(To record services provided on account)

June 1

Debit Notes receivable $9,300

Credit Cash $9,300

(To record cash paid)

November 1

Debit Notes receivable $4,300

Credit Account receivable $4,300

(To record account receivable)

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Explanation:

The journal entries are shown below:

a. Short term notes receivable A/c Dr $5,300

              To Service revenue A/c                        $5,300

(Being the service is provided based on the notes receivable)

b.  Short term notes receivable A/c Dr $9,300

              To Cash A/c                        $9,300

(Being cash is paid)

c.  Short term notes receivable A/c Dr $4,300

              To Account receivable A/c                        $4,300

(Being 3-month note receivable is accepted which is signed by the customer)

1. c

2. b

3. a

4. c

5. a

6. b

7. c

8. c

9.b

10. d

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