Green Lee lends Blue Who $200,000 on October 1st 2016, accepting a 9-month, 8% interest note. All interest and principal will be paid back at the end of the 9 months on June 30th, 2017. Assuming the proper adjusting entry is made at December 31st, 2016, which of the following is a correct part of the journal entry Green Lee records to collect the note and interest on June 30th 2017? Cr. Interest Revenue $4,000 Cr. Interest Receivable $8,000 Cr. Notes Receivable $212,000 Cr. Interest Receivable $4,000

Green Lee lends Blue Who $200,000 on October 1st 2016, accepting a 9-month, 8% interest note. All interest and principal will be paid back at the end of the 9 months on June 30th, 2017. Assuming the proper adjusting entry is made at December 31st, 2016, which of the following is a correct part of the journal entry Green Lee records to collect the note and interest on June 30th 2017? Cr. Interest Revenue $4,000 Cr. Interest Receivable $8,000 Cr. Notes Receivable $212,000 Cr. Interest Receivable $4,000

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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