Question
On August 1, Kim Company accepted a $13,000, 90-day, 4% note receivable as payment for services provided to Hsu Company. On October 30, the entry
On August 1, Kim Company accepted a $13,000, 90-day, 4% note receivable as payment for services provided to Hsu Company. On October 30, the entry to journalize the collection of the note should include a (Assume a 360-day year.)
a. debit to Interest Receivable for $130.
b. credit to Interest Revenue for $130.
c. credit to Notes Receivable for $13,130.
d. debit to Notes Receivable for $13,000.
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Accounting concepts and applications
Authors: Albrecht Stice, Stice Swain
11th Edition
978-0538750196, 538745487, 538750197, 978-0538745482
