QUESTION 9 On October 1, 2015 a company sold some merchandise to a customer for $50,000. In payment, the company agreed to accept an 8% note requiring the receipt of interest and principal on June 30, 2016. Assume all correct adjusting entries were made at year end December 31, 2015. The journal entry on the collection date, June 30, 2016 would include a A $1,000 credit to interest receivable B. $53,000 credit to cash C $2,000 debit to interest revenue D. $3,000 credit to interest revenue E $1,000 debit to interest payable QUESTION 10 ABC Company issues a 6 month, $12,000,9% note to XYZ Corporation on December 1, 2015 to replace an accounts payable. Assuming all necessary adjusting entries were made at year end on December 31, 2015, the entry ABC makes on the maturity date (May 30th) would include a: A Credit to Cash for $12,540 B. Debit to Notes Payable for $12,540 C. Credit to interest Expense for $180 D.Debit to interest Expense for $360 E. Debit to Interest Payable for $180