On November 16, Bell borrowed $10,000 from Graham and gave a 90-day, 12% note. On December 31, the end of the accounting period, Graham would record: Select one: a. An increase to Notes receivable of $150 b. An increase to Interest receivable of $300 c. An increase to Cash of $150 d. An increase to Interest receivable of $150 e. None of the above
On November 16, Bell borrowed $10,000 from Graham and gave a 90-day, 12% note. On December 31, the end of the accounting period, Graham would record: Select one: a. An increase to Notes receivable of $150 b. An increase to Interest receivable of $300 c. An increase to Cash of $150 d. An increase to Interest receivable of $150 e. None of the above
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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On November 16, Bell borrowed $10,000 from Graham and gave a 90-day, 12% note. On December 31, the end of the accounting period, Graham would record:
Select one:
a. An increase to Notes receivable of $150
b. An increase to Interest receivable of $300
c. An increase to Cash of $150
d. An increase to Interest receivable of $150
e. None of the above
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