Question
100. Metlock, Inc. receives a $9500, 6-month, 10% promissory note from Splish Brothers Inc. in settlement of an open accounts receivable. What entry will Metlock,
100.
Metlock, Inc. receives a $9500, 6-month, 10% promissory note from Splish Brothers Inc. in settlement of an open accounts receivable. What entry will Metlock, Inc. make upon receiving the note?
| Notes Receivable | 9975 |
| |
|
| Accounts Receivable-Splish Brothers Inc. |
| 9500 |
|
| Interest Revenue |
| 475 |
| Notes Receivable | 9500 |
| |
|
| Accounts Receivable-Splish Brothers Inc. |
| 9500 |
| Notes Receivable | 9500 |
| |
| Interest Receivable | 475 |
| |
|
| Accounts Receivable-Splish Brothers Inc. |
| 9500 |
|
| Interest Revenue |
| 475 |
| Notes Receivable | 9975 |
| |
|
| Accounts Receivable-Splish Brothers Inc. |
| 9975 |
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Managerial Accounting Tools for business decision making
Authors: Jerry J. Weygandt, Paul D. Kimmel, Donald E. Kieso
5th edition
470506954, 471345881, 978-0470506950, 9780471345886, 978-0470477144
