Multiple Choice
Assume that on November 1,a note which has a face value of $9,000,bears interest at 9 percent for 120 days,received from a customer as an extension of her past-due account is dishonored.The entry that would be made to record the dishonor include all except
A) a debit to Accounts Receivable for $9,000
B) a credit to Interest Income for $266
C) a credit to Notes Receivable for $9,000
D) a debit to Accounts Receivable for $9,266
Correct Answer:
Verified
Correct Answer:
Verified
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