Business Administration 2257 : Cheat Sheet Topics.docx

• School: Western University
• Department: Business Administration
• Course: Business Administration 2257
• Professor: Jessica Bond

Document Summary

3 times to record interest revenue: when the customer pays (if within the note term, i. e. 90 days, at the end of the note term, at the end of the fiscal period (if the note term spans across two fiscal periods, i. e. assume a january december fiscal year, if a 90 day note is issued december 1 you would record interest revenue for 1 month, recording customer payments, recording a customer payment when the note lies entirely in this fiscal period (i. e. assume january december fiscal year, 90 day note issued on. ***look to the balance sheet for note receivable amount (can also find interest receivable here instead of calculating it: recording interest at the end of a fiscal period when payment isn"t expected until the next period (i. e. assume january december fiscal year, 90 day note was issued on december 1 of this year, one month of interest needs to be recorded at the end of the fiscal year)