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On September 1, The business sold merchandise for 33.000 TL (including 10% VAT) FOB Destination. The customer endorses a check for 30.000 TL and signs a 9-month note with an annual interest rate of 6% for 3.000 TL. Which entry is made when the business receives the payment at maturity for the note received on September 1? a. 3.180 TL debit to 100-Cash and 3.180 TL credit to 121-N/R b. 3.180 TL debit to 100-Cash and 3.000 TL credit to 121-N/R; 180 TL credit to 642-Interest Revenue c. 3.135 TL debit to 100-Cash and 3.000 TL credit to 121-N/R; 135TL credit to 642-Interest Revenue d. 3.135 TL debit to 100-Cash and 3.135 TL credit to 121-N/R

On September 1, The business sold merchandise for 33.000 TL (including 10% VAT) FOB Destination. The customer endorses a check for 30.000 TL and signs a 9-month note with an annual interest rate of 6% for 3.000 TL. Which entry is made when the business receives the payment at maturity for the note received on September 1? a. 3.180 TL debit to 100-Cash and 3.180 TL credit to 121-N/R b. 3.180 TL debit to 100-Cash and 3.000 TL credit to 121-N/R; 180 TL credit to 642-Interest Revenue c. 3.135 TL debit to 100-Cash and 3.000 TL credit to 121-N/R; 135TL credit to 642-Interest Revenue d. 3.135 TL debit to 100-Cash and 3.135 TL credit to 121-N/R

FINANCIAL ACCOUNTING
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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On September 1, The business sold merchandise for 33.000 TL (including 10% VAT) FOB Destination. The customer endorses a check for 30.000 TL and signs a 9-month note with an annual interest rate of 6% for 3.000 TL. Which entry is made when the business receives the payment at maturity for the note received on September 1?

a.
3.180 TL debit to 100-Cash and 3.180 TL credit to 121-N/R

b.
3.180 TL debit to 100-Cash and 3.000 TL credit to 121-N/R; 180 TL credit to 642-Interest Revenue

c.
3.135 TL debit to 100-Cash and 3.000 TL credit to 121-N/R; 135TL credit to 642-Interest Revenue

d.
3.135 TL debit to 100-Cash and 3.135 TL credit to 121-N/R

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