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At December 31 year-end. Cotton Corporation has an $8,700 note receivable from a customer. Interest of 8% has accrued for 9 months on the note.
At December 31 year-end. Cotton Corporation has an $8,700 note receivable from a customer. Interest of 8% has accrued for 9 months on the note. What will Cotton's financial statements report for this situation at December 312 O A. The balance sheet will report the note receivable of $8,700 and interest receivable of S622. OB. The income statement will report a note receivable of $8,700. OC. Nothing because the business has not received the cash yet. OD. The balance sheet will report the note receivable of $8.700
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