Night Corp. receives a $4,000, 3-month, 8% note from Day Corp. in settlement of a past due accountreceivable. What entry will Night Corp. make upon receiving the note?Notes Receivable..4,080Accounts Receivable.4,080......*.Notes Receivable...4,080Accounts Receivable.Interest Revenue..4,00080......Notes Receivable..4,000Accounts Receivable.4,000Notes Receivable..4,000Interest Receivable.Accounts Receivable.Interest Revenue.804,00080......

Cost Accounting: It is the process of collecting, recording, analyzing the cost, summarizing cost,…

Night Corp. receives a $4,000, 3-month, 8% note from Day Corp. in settlement of a past due account receivable. What entry will Night Corp. make upon receiving the note? Notes Receivable.. 4,080 Accounts Receivable. 4,080 Notes Receivable.. Accounts Receivable. Interest Revenue.. 4,080 4,000 80 .... . Notes Receivable. 4,000 4,000 Accounts Receivable. Notes Receivable. 4,000 80 ........ Interest Receivable. Accounts Receivable. Interest Revenue. 4,000 80

Night Corp. receives a $4,000, 3-month, 8% note from Day Corp. in settlement of a past due account receivable. What entry will Night Corp. make upon receiving the note? Notes Receivable.. 4,080 Accounts Receivable. 4,080 Notes Receivable.. Accounts Receivable. Interest Revenue.. 4,080 4,000 80 .... . Notes Receivable. 4,000 4,000 Accounts Receivable. Notes Receivable. 4,000 80 ........ Interest Receivable. Accounts Receivable. Interest Revenue. 4,000 80

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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