Academy Grill Supply
On October 1, 2019, the company received a $50,000 promissory note from a customer. The annual interest rate is 6%. Principal and interest will be collected in cash at the maturity date of September 30, 2020.
Refer to Academy Grill Supply. The effect on the company's financial statements on December 31, 2019 is as follows
A. assets and Stockholders' equity increase.
B. assets and Stockholders' equity decrease.
C. assets and liabilities increase.
D. no net change in assets.
Answer: A
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