1.2.3.

HammerNail Woodworks agreed to make a short-term loan to a component parts supplier. A note for $40,000 was issued by HammerNail on November 1 , 2022 at 6% interest with both principal and interest due on October 31,2023. Which of the following journal entries should HammerNail use to accrue interest at the end of each month? Multiple Choice DebitCreditCashInterestreceivable Debit Interest receivable Credit Interest revenue DebitCreditInterestreceivableInterestpayable DebitCreditInterestrevenueInterestreceivable HammerNail Woodworks agreed to make a short-term loan to a component parts supplier. A note for $40,000 was issued by HammerNail on November 1,2022 at 6% interest with both principal and interest due on October 31,2023. How much should be in HammerNail's interest receivable account at December 31,2022 ? Multiple Choice $0 $2,000 $2,400 $400 HammerNail Woodworks agreed to make a short-term loan to a component parts supplier. A note for $40,000 was issued by HammerNail on November 1,2022 at 6% interest with both principal and interest due on October 31,2023. Which of the following journal entries should HammerNail use to record the transaction when the supplier repays the note in full on 2023 ? Multiple Choice \begin{tabular}{|ll} \hline & \\ Debit & Cash \\ Debit & Notes receivable \\ Debit & Interest receivable \\ Credit & Interest revenue \end{tabular} DebitDebitCreditCreditCashInterestpayableNotesreceivableInterestreceivable DebitDebitCreditCreditCashInterestrevenueNotesreceivableInterestreceivable DebitCreditCreditCreditCashNotesreceivableInterestreceivableInterestrevenue