Question
On January 15, 2020, Concord Company received a two-month, 12%, $9700 note from Peter Long for the settlement of his open account. The entry by
On January 15, 2020, Concord Company received a two-month, 12%, $9700 note from Peter Long for the settlement of his open account. The entry by Concord Company on March 15, 2020 if Long dishonors the note and collection is expected is:
| Accounts ReceivableP. Long | 9894 | |
| Notes Receivable | 9700 | |
| Interest Revenue | 194 |
| Accounts ReceivableP. Long | 9506 | |
| Interest Lost | 194 | |
| Notes Receivable | 9700 |
| Bad Debts Expense | 9894 | |
| Notes Receivable | 9894 |
| Accounts ReceivableP. Long | 9700 | |
| Notes Receivable | 9700 |
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Understand Accounting
Authors: Claude Hitching, Derek Stone
1st Edition
0273018833, 978-0273018834
