Question
Lion Company accepted a $15,000, 30-day, 6% note on December 16 from Diaz Co, granting a time extension on his past-due account receivable. The adjusting
Lion Company accepted a $15,000, 30-day, 6% note on December 16 from Diaz Co, granting a time extension on his past-due account receivable. The adjusting entry on December 31 for Lion Company would include a credit to:
Interest Receivable for $37.50.
Interest Receivable for $37.50.
Interest Revenue for $37.50.
Interest Receivable for $75.
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Understanding And Auditing IT Systems Volume 2
Authors: Young-Woon Min
2nd Edition
1257758837, 978-1257758838
