Chapter 9, Problem 22MC

A company collects an honored note with a maturity date of 24 months from establishment, a 10% interest rate, and an initial loan amount of $30,000. Which accounts are used to record collection of the honored note at maturity date?

A. Interest Revenue, Interest Expense, Cash

B. Interest Receivable, Cash, Notes Receivable

C. Interest Revenue, Interest Receivable, Cash, Notes Receivable

D. Notes Receivable, Interest Revenue, Cash, Interest Expense