Please given answer general accounting On May 1, Kingston Company received a $6,000,10%, four-month note receivable. The cash to bereceived by Kingston Company when the notebecomes due is:a. $6,200.b. $6,600.c. $200.d. $6,000.

Step 1: Define Notes ReceivableDebts owed by customers to the company are referred to as notes…

Answered: On May 1, Kingston Company received a…

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter9: Accounting For Receivables

Section: Chapter Questions

Problem 22MC: A company collects an honored note with a maturity date of 24 months from establishment, a 10%...

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A company collects an honored note with a maturity date of 24 months from establishment, a 10% interest rate, and an initial loan amount of $30,000. Which accounts are used to record collection of the honored note at maturity date? A. Interest Revenue, Interest Expense, Cash B. Interest Receivable, Cash, Notes Receivable C. Interest Revenue, Interest Receivable, Cash, Notes Receivable D. Notes Receivable, Interest Revenue, Cash, Interest Expense
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On May 1, Kingston Company received a $6,000, 10%, four-month note receivable. The cash to be received by Kingston Company when the note becomes due is: a. $6,200. b. $6,600. c. $200. d. $6,000.