Nelsie Corporation has an outstanding 60- day 6% note receivable armounting to P 15,000 dated December 1 of the current year. The company is using the calendar yoar in preparing its financial statomonts. What account should be creditod and what is the amount? Interest Income, P 75 Interest Income, P 900 Accrued Interest Income, P 150 Unearned Interest Income, P150

Nelsie Corporation has an outstanding 60- day 6% note receivable armounting to P 15,000 dated December 1 of the current year. The company is using the calendar yoar in preparing its financial statomonts. What account should be creditod and what is the amount? Interest Income, P 75 Interest Income, P 900 Accrued Interest Income, P 150 Unearned Interest Income, P150

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

Chapter9: Long-term Liabilities

Section: Chapter Questions

Problem 94PSA

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