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On March 9, Camp Company accepted a 60-day, 9% promissory note for 6,000 from Fillmore. Fillmore honors the note on May 9. Record the collection
On March 9, Camp Company accepted a 60-day, 9% promissory note for 6,000 from Fillmore. Fillmore honors the note on May 9. Record the collection of the note and interest by Camp assuming that no interest has been accrued. Note Receivable Cash 6,090 6,000 Interest Revenue 90 Note Receivable 6,000 Interest Revenue 90 Cash 6,090 Cash 6,090 Note Payable 6,000 Interest Expense 90 Cash 6,090 Note Receivable 6,000 Interest Revenue 90
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