Giorgio Italian Market bought $4,000 worth of merchandise from Food Suppliers and signed a 90-day, 6% promissory note for the $4,000. Food Supplier's journal entry to record the collection on the maturity date is: (Use 360 days a year.)

A. Debit Cash $4,060; credit Interest Revenue $60; credit Notes Receivable $4,000
B. Debit Notes Receivable $4,060; credit Sales $4,060
C. Debit Cash $4,000; debit Interest Receivable $60; credit Sales $4,060
D. Debit Cash $4,060; credit Notes Receivable $4,060
E. Debit Notes Receivable $4,000; credit Cash $4,000


Answer: A

Business

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