ABC Company received a ten-month, $18,000, 4% note from XYZ Corporation on April 1, 2020 to replace an accounts receivable. Assuming all necessary adjusting entries were made at year end, December 31, 2020, the entry ABC makes on the maturity date would include a: А. credit to interest receivable for $540. credit to note receivable for $18,600 credit to interest revenue for $600 debit to interest revenue for $60 В. С. D. E. credit to interest revenue for $720

ABC Company received a ten-month, $18,000, 4% note from XYZ Corporation on April 1, 2020 to replace an accounts receivable. Assuming all necessary adjusting entries were made at year end, December 31, 2020, the entry ABC makes on the maturity date would include a: А. credit to interest receivable for $540. credit to note receivable for $18,600 credit to interest revenue for $600 debit to interest revenue for $60 В. С. D. E. credit to interest revenue for $720

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

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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