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Please explain I really dont understand this 19. On September 1, 2018, Villa Company received 13-year, $100,000, 12% note from Nova Company. The note matures
Please explain I really dont understand this 19. On September 1, 2018, Villa Company received 13-year, $100,000, 12% note from Nova Company. The note matures on September 1, 2021. Villa records adjusting entries annually on December 31. On September 1.2019, Villa recorded an entry for the receipt of the first interest payment. Which of the following. amounts was included in this entry? A) B) C) D) Cash, $8,000 debit Interest revenue, $12,000 credit Interest receivable, $4,000 credit Interest expense, $8,000 debit 20. On July 1, 2018, PZ Company issued a $300,000, 4-year, i 6% note. Interest is payable annually on July 1. On December 31. 2018, PZ recorded an adjusting entry for that included A) B) $6,000 interest payable $24,000 interest revenue C) D) $24,000 interest expense $6,000 interest receivable
Please explain I really dont understand this
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