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QUESTION 5 Food supply accepted a $8,000, 90-day, 9% note from Tracy Janitorial on October 17. If the note is dishonored,but Food Supply intends to
QUESTION 5 Food supply accepted a $8,000, 90-day, 9% note from Tracy Janitorial on October 17. If the note is dishonored,but Food Supply intends to continue collection efforts, what entry should Food Supply make on January 15 of the next year? (Use 360 days a year.) Debit Accounts Receivable $8,180; credit Interest Revenue $30; credit Interest Receivable $150, credit Notes Receivable $8000. Debit Cash $8,180; credit Interest Revenue $30; credit Interest Receivable $150, credit Notes Receivable $8000. Debit Notes Receivable $8,000; debit Interest Receivable $180; credit Sales $8,180. Debit Cash $8,180; credit Interest Revenue $150; credit Interest Receivable $30, credit Notes Receivable $8,000. Debit Cash $8,180; credit Notes Receivable $8,180
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