Provide correct option this general accounting question do fast On March 10, Blue Ridge Corporation issued a $12,000, 8%, 3-month note to First Bank. The entry on Blue Ridge's books torecord the payment of the note at maturity will include a credit toCash for:A. $12,240B. $12,000C. $12,120D. $12,360

Step 1: Define Interest on a Note:Interest on a note refers to the additional amount that a borrower…

Answered: On March 10, Blue Ridge Corporation…

College Accounting (Book Only): A Career Approach

13th Edition

ISBN:9781337280570

Author:Scott, Cathy J.

Publisher:Scott, Cathy J.

ChapterD: Notes Payable And Notes Receivable

Section: Chapter Questions

Problem 2P

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Note receivable Prefix Supply Company received a 120-day, 7% note for $84,000, dated April 12 from a customer on account. Assume 360-days in a year. a. Determine the due date of the note. b. Determine the maturity value of the note. $ c. Journalize the entry to record the receipt of the payment of the note at maturity. If an amount box does not require an entry, leave it blank. E
Please given correct option general accounting

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On March 10, Blue Ridge Corporation issued a $12,000, 8%, 3- month note to First Bank. The entry on Blue Ridge's books to record the payment of the note at maturity will include a credit to Cash for: A. $12,240 B. $12,000 C. $12,120 D. $12,360