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Question 3 (4 points) Saved Slo Corp receives a $23,000, 93-day, 11.2% note from Fast Corp because Fast Corp was not able to pay its
Question 3 (4 points) Saved Slo Corp receives a $23,000, 93-day, 11.2% note from Fast Corp because Fast Corp was not able to pay its $23,000 accounts payable to Slo Corp. 85 days later, Fast Corp honors the note. What is the proper journal entry for Slo Corp when Fast Corp honors the note. Cr. Interest Revenue 665.47 Cr. Notes Receivable 23,000 Cr. Interest Expense 665.47 Dr. Cash 23,665.47
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