On November 1, 2022 Spring Company accepted a three-month, 10% note for $10,000 from one of its customers to settle a past due account receivable. On December 31, 2022, the company made the appropriate year-end adjusting entry for interest. On February 1, 2023, the customer paid Spring Company the note and interest in full as promised. What journal entry should the company make to record the collection of cash on February 1, 2023? (Round your answers to the nearest whole dollar.) Multiple Choice Account Notes Receivable Cash Account Cash Notes Receivable Account Cash Notes Receivable Interest Receivable Interest Revenue Account Cash Notes Receivable Interest Revenue Debit Debit 10,250 Debit 11,000 10,250 Debit 10,250 Credit 11,000 Credit 10,250 Credit 10,000 167 83 Credit 10,000 250

On November 1, 2022 Spring Company accepted a three-month, 10% note for $10,000 from one of its customers to settle a past due account receivable. On December 31, 2022, the company made the appropriate year-end adjusting entry for interest. On February 1, 2023, the customer paid Spring Company the note and interest in full as promised. What journal entry should the company make to record the collection of cash on February 1, 2023? (Round your answers to the nearest whole dollar.) Multiple Choice Account Notes Receivable Cash Account Cash Notes Receivable Account Cash Notes Receivable Interest Receivable Interest Revenue Account Cash Notes Receivable Interest Revenue Debit Debit 10,250 Debit 11,000 10,250 Debit 10,250 Credit 11,000 Credit 10,250 Credit 10,000 167 83 Credit 10,000 250

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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