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Nance Co. holds Gant Inc.'s $25,000, 120 day, 9% note. The entry made by Nance Co. when the note is collected, assuming no interest has
Nance Co. holds Gant Inc.'s $25,000, 120 day, 9% note. The entry made by Nance Co. when the note is collected, assuming no interest has previously been accrued is: Cash 25,000 Note Receivable 25,000 25,700 Cash Note Receivable Interest Revenue 25,000 750 25,750 Accounts Receivable Note Receivable Interest Revenue 25,000 750 25,750 Accounts Receivable Note Revenue Interest Revenue 25,000 750
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