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A $8,637, 30-day, 7% note recorded on November 21 is not paid by the maker at maturity. The journal entry to recognize this event is

A $8,637, 30-day, 7% note recorded on November 21 is not paid by the maker at maturity. The journal entry to recognize this event is the one listed below.

Select the correct answer.

debit Accounts Receivable, $8,687 credit Notes Receivable, $8,637 Credit Interest Receivable, $50

debit Cash, $8,687 credit Notes Receivable, $8,687

debit Notes Receivable, $8,687 credit Accounts Receivable, $8,687

debit Accounts Receivable, $8,687 credit Notes Receivable, $8,637 Credit Interest Revenue, $50

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