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Swanson Bank makes a $1,000,000, 12%, 1-year loan to Colson Corp on December 1, 2019. The entry Swanson Bank would make on November 30, 2020
Swanson Bank makes a $1,000,000, 12%, 1-year loan to Colson Corp on December 1, 2019. The entry Swanson Bank would make on November 30, 2020 when they collect the payment from Colson would include which of the following? (assume no other entries were made between Dec 31 and Jan 31) O A $1,000,000 debit to Cash O A $10,000 credit to Interest Revenue O A $1,000,000 credit to Note Receivable O A $120,000 credit to Interest Revenue O Some other
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