Al Rawabi Company lend Emran Company RO 60000 on February 1st, with a maturity of 4 months, 8% interest note. If Emran company came on the 1st of August and informed Al Rawabi that they cannot pay the note now. What will be Al Rawabi journal entry to record the transaction on August 1st: Select one: а. Cash 61600 Note Receivable 60000 Interest Receivable 1600 b. Cash 60000 Note Receivable 60000 С. Cash 1600 Interest Receivable 1600 d. Account Receivable 61600 Note Receivable 60000

Al Rawabi Company lend Emran Company RO 60000 on February 1st, with a maturity of 4 months, 8% interest note. If Emran company came on the 1st of August and informed Al Rawabi that they cannot pay the note now. What will be Al Rawabi journal entry to record the transaction on August 1st: Select one: а. Cash 61600 Note Receivable 60000 Interest Receivable 1600 b. Cash 60000 Note Receivable 60000 С. Cash 1600 Interest Receivable 1600 d. Account Receivable 61600 Note Receivable 60000

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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