Question
On October 1, 2019, ABC Company loaned A. Jenkins $9,000 at an annual interest rate of 5% with a maturity date of April 1, 2020.
On October 1, 2019, ABC Company loaned A. Jenkins $9,000 at an annual interest rate of 5% with a maturity date of April 1, 2020. On October 1, 2019, ABC Company will record __________.
A. a credit to Notes Payablelong A. Jenkins of $9,000
B. a debit to Notes ReceivableA. Jenkins of $9,450
C. no entry since the note is due on April 1, 2020
D. a debit to Notes Receivable A. Jenkins of $9,000
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Financial Accounting
Authors: Carl S. Warren, James M. Reeve, Jonathan Duchac
10th Edition
0324380674, 978-0324380675
