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On October 1,2022 , Nespresso sold some merchandise to Gloria Jeans Coffee for $84,000. In payment, Nespresso agreed to accept a 7% note requiring the
On October 1,2022 , Nespresso sold some merchandise to Gloria Jeans Coffee for $84,000. In payment, Nespresso agreed to accept a 7% note requiring the receipt of interest and principal on June 30, 2023. Assume all correct adjusting entries were made at year-end, December 31 , 2022. The journal entry, for Nespresso, on the collection date, June 30, 2023 would include a: Select one: a. $6,860 debit to interest payable b. $2,940 debit to interest expense c. $1,470 credit to interest receivable d. $4,410 credit to interest revenue e. $84,000 debit to note receivable
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