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On August 1, Kim Company accepted a 90-day note receivable as payment for services provided to Hsu Company. The terms of the note were $20,000
On August 1, Kim Company accepted a 90-day note receivable as payment for services provided to Hsu Company. The terms of the note were $20,000 face value and 6% interest. On October 30, the journal entry to record the collection of the note should include a O A. debit to Notes Receivable for $20,000 B. debit to Interest Receivable for $300 C. credit to Interest Revenue for $300 D. credit to Notes Receivable for $20,300
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