A $14,400, 30-day, 12% note recorded on November 21 is not paid by the maker at maturity. The journal entry to recognize this event is the one listed below. Select the correct answer. a-debit Notes Receivable, $14,544; credit Accounts Receivable, $14,544 b-debit Cash, $14,544; credit Notes Receivable, $14,544 c-debit Accounts Receivable, $14,544; credit Notes Receivable, $14,400; Credit Interest Revenue, $144 d-debit Notes Receivable, $14,544; credit Accounts Receivable, $14,400; Credit Interest Receivable, $144
A $14,400, 30-day, 12% note recorded on November 21 is not paid by the maker at maturity. The journal entry to recognize this event is the one listed below. Select the correct answer. a-debit Notes Receivable, $14,544; credit Accounts Receivable, $14,544 b-debit Cash, $14,544; credit Notes Receivable, $14,544 c-debit Accounts Receivable, $14,544; credit Notes Receivable, $14,400; Credit Interest Revenue, $144 d-debit Notes Receivable, $14,544; credit Accounts Receivable, $14,400; Credit Interest Receivable, $144
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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A $14,400, 30-day, 12% note recorded on November 21 is not paid by the maker at maturity. The
Select the correct answer.
a-debit Notes Receivable, $14,544; credit Accounts Receivable , $14,544
b-debit Cash, $14,544; credit Notes Receivable, $14,544
c-debit Accounts Receivable, $14,544; credit Notes Receivable, $14,400; Credit Interest Revenue, $144
d-debit Notes Receivable, $14,544; credit Accounts Receivable, $14,400; Credit Interest Receivable, $144
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