Roberti Company paid Hoffman Company for merchandise with a $8,000, 60-day, 9% note dated April 1. If Roberti Company pays the note at maturity, what entry should Hoffman make at that time? Select one: OA Cash OB. Interest income Notes receivable Notes payable Interest expense Cash O C. Cash Interest income Notes receivable 8,720 8,000 720 8,120 720 8,000 8,720 120 8,000
Roberti Company paid Hoffman Company for merchandise with a $8,000, 60-day, 9% note dated April 1. If Roberti Company pays the note at maturity, what entry should Hoffman make at that time? Select one: OA Cash OB. Interest income Notes receivable Notes payable Interest expense Cash O C. Cash Interest income Notes receivable 8,720 8,000 720 8,120 720 8,000 8,720 120 8,000
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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