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 shouldHoffman make at that time?Select one:OA.CashOB.Notes payableInterest expenseCashCashInterest incomeNotes receivableO D.Interest incomeNotes receivableNotes payableInterest expenseCash8,7208,0007208,1207,8801207208,0008,7201208,0008,000

The question is based on the concept of Financial Accounting. When goods are sold on credit and note…

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

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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