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Uniform Supply accepted a $4,800,90-day, 10% note from Tracy Janitorial on October 17 . If the note is dishonored, but Uniform Supply intends to continue
Uniform Supply accepted a $4,800,90-day, 10% note from Tracy Janitorial on October 17 . If the note is dishonored, but Uniform Supply intends to continue collection efforts, what entry should Uniform Supply make on January 15 of the next year? (Use 360 days a year.) Multiple Choice Debit Notes Receivable $4,800; debit Interest Receivable $120; credit Sales $4,920. Debit Cash \$4,920; credit Notes Receivable \$4,920. Debit Cash $4,920; credit Interest Revenue $100; credit Interest Receivable $20, credit Notes Receivable $4,800. Debit Cash $4,920; credit Interest Revenue $20; credit Interest Receivable $100, credit Notes Receivable $4,800. Debit Accounts Receivable $4,920; credit Interest Revenue $20; credit Interest Receivable $100, credit Notes Receivable $4,800
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