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Cart Company accepted a note receivable from a credit customer who failed to pay their $2,000 Accounts Receivable balance. The customer signed a promissory note
Cart Company accepted a note receivable from a credit customer who failed to pay their $2,000 Accounts Receivable balance. The customer signed a promissory note which was accepted for 45 days at 5% interest. At the end of 45 days, the customer pays the balance on Notes Payable and interest. Assuming a 360 day year, what is the journal entry for receiving the payment of the note and interest? O O O Date Date Date Date Accounts Notes Receivable 2,000 Interest Revenue 100 Cash Accounts Cash Notes Receivable 2,000.00 Interest Revenue 12.50 Cash Accounts Cash Debit Credit Interest Revenue Notes Receivable Accounts Debit Credit I DON'T KNOW YET Interest Revenue Notes Receivable 2,100 2,012.50 Debit Credit 2,012.50 12.50 2,000.00 Debit Credit 2,100 100 ,000
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