A $6,000, 60-day, 12% note recorded on November 21 is not paid by the maker at maturity. The journal entry to recognize this event is
A) debit Cash, $6,120; credit Notes Receivable, $6,120
B) debit Accounts Receivable, $6,120; credit Notes Receivable, $6,000; Credit Interest Receivable, $120
C) debit Notes Receivable, $6,060; credit Accounts Receivable, $6,060
D) debit Accounts Receivable, $6,120; credit Notes Receivable, $6,000; Credit Interest Revenue, $120
D
You might also like to view...
Regarding online news releases, which of the following is false?
A) Paid wires guarantee the use of your material. B) They have a shorter life than print news releases. C) Web events need to be big to attract publicity. D) The closer you are to online reporters, the more fairly they will treat you.
An existing limited partnership cannot be converted to a limited liability limited partnership
Indicate whether the statement is true or false
Successful teams can complete more tasks and produce more high-quality results than a person working alone.
Answer the following statement true (T) or false (F)
Use the information in Table 4.1. How many Mark I machines are required to produce Union Manufacturing's for the year's production?
A) fewer than 4 machines B) more than 4 but fewer than or equal to 6 machines C) more than 6 but fewer than or equal to 8 machines D) more than 8 machines