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A $12,000, 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 $12,000, 60-day, 12% note recorded on November 21 is not paid by the maker at maturity. The journal entry to recognize this event is Oa. debit Notes Receivable, $12,240, credit Accounts Receivable, $12,000; Credit Interest Receivable, $240 Ob. debit Cash, $12,240; credit Notes Receivable, $12,240 Oc. debit Accounts Receivable, 512,240, credit Notes Receivable, $12,000; Creda host Revenue, $240 Od. debit Notes Receivable, $12,240, credit Accounts Receivable, $12,240
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