A company collects an honored note with a maturity date of 24 months from establishment, a 10%
Question:
A company collects an honored note with a maturity date of 24 months from establishment, a 10% interest rate, and an initial loan amount of $30,000. Which accounts are used to record collection of the honored note at maturity date?
A. Interest Revenue, Interest Expense, Cash
B. Interest Receivable, Cash, Notes Receivable
C. Interest Revenue, Interest Receivable, Cash, Notes Receivable
D. Notes Receivable, Interest Revenue, Cash, Interest Expense
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Related Book For
Principles Of Accounting Volume 1 Financial Accounting
ISBN: 9781593995942
1st Edition
Authors: Mitchell Franklin, Patty Graybeal, Dixon Cooper, OpenStax
Question Posted: