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A company sold $20,000 of equipment, accepting a 30-day note bearing interest at 12% per year (assume a 360 day year) for the $20,000. The
A company sold $20,000 of equipment, accepting a 30-day note bearing interest at 12% per year (assume a 360 day year) for the $20,000. The entry to record the receipt of the amount collected at maturity will include which of the following, assuming no interest had been accrued.?
Credit interest revenue $200 | ||
Credit interest revenue $2,400 | ||
Credit Notes Receivable $20,200 | ||
Debit Cash for $20,000 |
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