On August 1, 20X1 ABC Corp received an interest bearing note due July 31, 20X4. Maturity value is collectible at due date. At Dec 31, 20X1 which of the following should be recognized? Notes Receivable Interest Income Unearned Interest Income Prepaid Interest

On August 1, 20X1 ABC Corp received an interest bearing note due July 31, 20X4. Maturity value is collectible at due date. At Dec 31, 20X1 which of the following should be recognized? Notes Receivable Interest Income Unearned Interest Income Prepaid Interest

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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Question

On August 1, 20X1 ABC Corp received an interest bearing note due July 31, 20X4. Maturity value is collectible at due date. At Dec 31, 20X1 which of the following should be recognized?

Notes Receivable

Interest Income

Unearned Interest Income

Prepaid Interest

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