Question
On January 15, 2020, Bonita Company received a two-month, 8%, $9900 note from Peter Long for the settlement of his open account. The entry by
On January 15, 2020, Bonita Company received a two-month, 8%, $9900 note from Peter Long for the settlement of his open account. The entry by Bonita Company on March 15, 2020 if Long dishonors the note and collection is expected is:
| Accounts ReceivableP. Long | 9768 | |
| Interest Lost | 132 | |
| Notes Receivable | 9900 |
| Accounts ReceivableP. Long | 10032 | |
| Notes Receivable | 9900 | |
| Interest Revenue | 132 |
| Bad Debts Expense | 10032 | |
| Notes Receivable | 10032 |
| Accounts ReceivableP. Long | 9900 | |
| Notes Receivable | 9900 |
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Accounting
Authors: John Hoggett, John Medlin, Lew Edwards, Matthew Tilling, Evelyn Hoggett Hogg
6th Edition
1742466354, 978-1742466354
