On November 1, Robert's Inc. sold goods for $100,000 and accepted a six-month non-interest bearing note. Current interest rates are 6% for these types of
On November 1, Robert's Inc. sold goods for $100,000 and accepted a six-month non-interest bearing note. Current interest rates are 6% for these types of notes. The correct December 31st adjusting entry would include a:
A. Credit to Interest Revenue for $6,000
B. Credit to Discount on Notes Receivable for $2,000
C. Debit to Discount on Notes Receivable for $6,000
D. Debit to Discount on Notes Receivable for $2,000
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Authors: Horace R. Brock, Linda Herrington
6th Edition
0028034287, 978-0028034287
