Question
On May 4, Rudd Sales Co. sold a $6,100 machine to a customer. The customer signed a 60-day, 4% note. What entry does Rudd make
On May 4, Rudd Sales Co. sold a $6,100 machine to a customer. The customer signed a 60-day, 4% note. What entry does Rudd make on May 4?
A. Accounts Receivable 6,140
Sales Revenue 6,100
Interest Revenue 40
B. Sales Revenue 6,100
Accounts Receivable 6,100
C. Notes Receivable 6,100
Sales Revenue 6,100
D. Cash 6,344
Notes Receivable 6,100
Interest Revenue 244
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Corporate Accounting Vol 1
Authors: Dr S. Kr. Paul, Prof. Chandrani Paul
1st Edition
164725146X, 9781647251468
