Question
MCM Company issued a note receivable to a customer on October 1, 2020. The face value of the note was $20,000 at 5% interest for
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MCM Company issued a note receivable to a customer on October 1, 2020. The face value of the note was $20,000 at 5% interest for 7 months. What would be included in the journal entry on April 30, 2021?
A credit to Interest Income for $583.33
A credit to Interest Receivable for $250.00
A debit to Interest Receivable for $250.00
A debit to Interest Income for $416.67
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Essentials Of Auditing And Assurance Services An Integrated Approach
Authors: Alvin A. Arens, Randal J. Elder, Mark S. Beasley, Al Arens
1st Edition
0130463035, 9780130463036
