Question
On January 1, JC Co. accepted a 60-day, 6%, note in the amount of $10,000 from a customer. On March 2, the due date of
On January 1, JC Co. accepted a 60-day, 6%, note in the amount of $10,000 from a customer. On March 2, the due date of the note, the customer honors the note and pays in full. The journal entry that JC would make to record the receipt of payment of this note would include a debit to:
A. Notes Receivable in the amount of $10,000
B. Cash in the amount of $10,000
C. Notes Receivable in the amount of $10,100
D. Cash in the amount of $10,100
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started
Nuclear Auditing Handbook A Guide For Quality Systems Practitioners
Authors: Charles Moseley, Norman Moreau, Karen Douglas
1st Edition
1636940072, 978-1636940076
