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A $7,000, 30-day, 12% note recorded on November 21 is not paid by the maker at maturity. The journal entry to recognize this event is:
A $7,000, 30-day, 12% note recorded on November 21 is not paid by the maker at maturity. The journal entry to recognize this event is: * 1 point Debit Accounts Receivable 7,070; Credit Notes Receivable 7,000; Credit Interest Revenue 70. Debit Cash 7,070; Credit Notes Receivable 7,070 Debit Accounts Receivable 7,070; Credit Notes Receivable 7,000; Credit Interest Receivable 70. Debit Notes Receivable 7,070; Credit Accounts Receivable 7,070
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