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A $ 5 , 0 0 0 , 6 0 - day, 1 2 % note recorded on May 2 1 is not paid by
A $day, note recorded on May is not paid by the maker at maturity. The journal entry to recognize this event is
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debit Accounts Receivable, $; credit Notes Receivable, $; Credit Interest Revenue, $
debit Accounts Receivable, $; credit Notes Receivable, $; Credit Interest Receivable, $
debit Cash, $; credit Notes Receivable, $
debit Notes Receivable, $; credit Accounts Receivable, $
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