plz help thank you At December 31 year-end, Crate Company has an $8,700 note receivable from a customer. Interest of 8% has accrued for 5 months on the note. What will Crate's financial statements report for this situation at December 31?A. The income statement will report a note receivable of $8,700.B. The balance sheet will report the note receivable of $8,700 and interest receivable of $290.C. Nothing because the business has not received the cash yet.D. The balance sheet will report the note receivable of $8,700.

All assets of a company are reported in the balance sheet. Since note receivable is an asset, it…

At December 31 year-end, Crate Company has an $8,700 note receivable from a customer. Interest of 8% has accrued for 5 months on the note. What will Crate's financial statements report for this situation at December 31? OA. The income statement will report a note receivable of $8,700. OB. The balance sheet will report the note receivable of $8,700 and interest receivable of $290. O C. Nothing because the business has not received the cash yet. OD. The balance sheet will report the note receivable of $8,700.

At December 31 year-end, Crate Company has an $8,700 note receivable from a customer. Interest of 8% has accrued for 5 months on the note. What will Crate's financial statements report for this situation at December 31? OA. The income statement will report a note receivable of $8,700. OB. The balance sheet will report the note receivable of $8,700 and interest receivable of $290. O C. Nothing because the business has not received the cash yet. OD. The balance sheet will report the note receivable of $8,700.

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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On December 1 of the current year, Jordan Inc. assigns 125,000 of its accounts receivable to McLaughlin Company for cash. McLaughlin Company charges a 750 service fee, advances 85% of Jordans accounts receivable, and charges an annual interest rate of 9% on any outstanding loan balance. Prepare the related journal entries for Jordan.
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
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