Solved

A Note Receivable Is Issued in December, with Interest Due

Question 110

Multiple Choice

A note receivable is issued in December, with interest due at maturity.When the note is paid the following February, the payee's entry includes (assuming a calendar-year accounting period when adjusting entries are recorded) a


A) credit to Interest Receivable.
B) credit to Cash.
C) debit to Notes Receivable.
D) debit to Interest Income.

Correct Answer:

verifed

Verified

Unlock this answer now
Get Access to more Verified Answers free of charge

Related Questions