On January 1, Springfield Corp, accepted a one-year note for $5,000 at 4% from one of its customers
When the note matured on December 31, the customer was unable to pay, and the company treated it as a dishonored note. Prepare the journal entry that Springfield will make to record the dishonored note.
What will be an ideal response
Accounts Receivable 5,200
Notes Receivable 5,000
Interest Revenue 200 .Calculations: $5,000 x 4% = $200
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