Multiple Choice
The journal entry to record the collection of a Note Receivable at maturity value for a 120-day,
$36,000, 9 % note would include
A) debit to Interest Expense for $1,080.
B) credit to Notes Receivable for $37,080.
C) debit to cash for $36,000.
D) credit to Interest Income for $1,080.
Correct Answer:
Verified
Correct Answer:
Verified
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