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On November 1, 2017, Salem Corporation sold land priced at $1,000,000 in exchange for a 6%, six-month note receivable. The journal entry made by Salem
On November 1, 2017, Salem Corporation sold land priced at $1,000,000 in exchange for a 6%, six-month note receivable. The journal entry made by Salem to record this transaction on November 1, 2017, includes: Multiple Choice A debit to Notes Receivable of $1,030,000. A debit to Interest Receivable of $30,000. A credit to Interest Revenue of $30,000. A debit to Notes Receivable of $1,000,000.
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