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Rotel purchased merchandise from TechCom on October 17, 2019. TechCom accepted Rotel's $4,800, 90-day, 10% note as payment. TechCom has a December 31st year end. What entry should TechCom make on January 15, 2020 when the note is honoured? Multiple Choice   Cash 4918.36     Interest Earned   19.73   Interest Receivable   98.63   Notes Receivable   4,800   Cash 4918.36     Interest Earned   98.63   Interest Receivable   19.73   Notes Receivable   4,800   Cash 4918.36     Notes Receivable   4918.36   Cash 4918.36     Interest Earned   118.36   Accounts Receivable   4,800   Cash 4918.36     Interest Earned   118.36   Notes Receivable   4,800   The Liccorish Pizza bought $5,000 worth of merchandise from TechCom and signed a 90-day, 10% promissory note for the $5,000. TechCom's journal entry to record the transaction is Multiple Choice   Notes Receivable 5,125     Sales   5,125   Accounts Receivable 5,125     Sales   5,125   Accounts Receivable 5,000     Sales   5,000   Notes Receivable 5,000   Interest Receivable 125     Sales   5,125   Notes Receivable 5,000     Sales   5,000

Rotel purchased merchandise from TechCom on October 17, 2019. TechCom accepted Rotel's $4,800, 90-day, 10% note as payment. TechCom has a December 31st year end. What entry should TechCom make on January 15, 2020 when the note is honoured? Multiple Choice   Cash 4918.36     Interest Earned   19.73   Interest Receivable   98.63   Notes Receivable   4,800   Cash 4918.36     Interest Earned   98.63   Interest Receivable   19.73   Notes Receivable   4,800   Cash 4918.36     Notes Receivable   4918.36   Cash 4918.36     Interest Earned   118.36   Accounts Receivable   4,800   Cash 4918.36     Interest Earned   118.36   Notes Receivable   4,800   The Liccorish Pizza bought $5,000 worth of merchandise from TechCom and signed a 90-day, 10% promissory note for the $5,000. TechCom's journal entry to record the transaction is Multiple Choice   Notes Receivable 5,125     Sales   5,125   Accounts Receivable 5,125     Sales   5,125   Accounts Receivable 5,000     Sales   5,000   Notes Receivable 5,000   Interest Receivable 125     Sales   5,125   Notes Receivable 5,000     Sales   5,000

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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Rotel purchased merchandise from TechCom on October 17, 2019. TechCom accepted Rotel's $4,800, 90-day, 10% note as payment. TechCom has a December 31st year end. What entry should TechCom make on January 15, 2020 when the note is honoured?

Multiple Choice
  •  
    Cash 4918.36  
      Interest Earned   19.73
      Interest Receivable   98.63
      Notes Receivable   4,800
  •  
    Cash 4918.36  
      Interest Earned   98.63
      Interest Receivable   19.73
      Notes Receivable   4,800
  •  
    Cash 4918.36  
      Notes Receivable   4918.36
  •  
    Cash 4918.36  
      Interest Earned   118.36
      Accounts Receivable   4,800
  •  
    Cash 4918.36  
      Interest Earned   118.36
      Notes Receivable   4,800

     

    The Liccorish Pizza bought $5,000 worth of merchandise from TechCom and signed a 90-day, 10% promissory note for the $5,000. TechCom's journal entry to record the transaction is

    Multiple Choice
    •  
      Notes Receivable 5,125  
        Sales   5,125
    •  
      Accounts Receivable 5,125  
        Sales   5,125
    •  
      Accounts Receivable 5,000  
        Sales   5,000
    •  
      Notes Receivable 5,000  
      Interest Receivable 125  
        Sales   5,125
    •  
      Notes Receivable 5,000  
        Sales   5,000
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