A $9,600, 60-day, 12% note recorded on November 21 is not paid by the maker at maturity. The journal entry to recognize this event is a.debit Cash, $9,792; credit Notes Receivable, $9,792. b.debit Notes Receivable, $9,792; credit Accounts Receivable, $9,600; Credit Interest Receivable, $192. c.debit Notes Receivable, $9,792; credit Accounts Receivable, $9,792. d.debit Accounts Receivable, $9,792; credit Notes Receivable, $9,600; Credit Interest Revenue, $192.
A $9,600, 60-day, 12% note recorded on November 21 is not paid by the maker at maturity. The journal entry to recognize this event is a.debit Cash, $9,792; credit Notes Receivable, $9,792. b.debit Notes Receivable, $9,792; credit Accounts Receivable, $9,600; Credit Interest Receivable, $192. c.debit Notes Receivable, $9,792; credit Accounts Receivable, $9,792. d.debit Accounts Receivable, $9,792; credit Notes Receivable, $9,600; Credit Interest Revenue, $192.
Chapter9: Accounting For Receivables
Section: Chapter Questions
Problem 22MC: A company collects an honored note with a maturity date of 24 months from establishment, a 10%...
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A $9,600, 60-day, 12% note recorded on November 21 is not paid by the maker at maturity. The
a.debit Cash, $9,792; credit Notes Receivable, $9,792.
b.debit Notes Receivable, $9,792; credit Accounts Receivable, $9,600; Credit Interest Receivable, $192.
c.debit Notes Receivable, $9,792; credit Accounts Receivable, $9,792.
d.debit Accounts Receivable, $9,792; credit Notes Receivable, $9,600; Credit Interest Revenue, $192.
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