Nadal Company
On October 1, 2012, Nadal Company received a $50,000 promissory note from Borg Company. The annual interest rate is 6%. Principal and interest will be collected in cash at the maturity date of September 30, 2013.
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Refer to the information provided for Nadal Company. An adjusting entry for Nadal's year end, December 31, 2012 needed to:
A) increase interest revenue by $2,250
B) increase notes receivable by $750
C) increase interest receivable by $750
D) increase notes receivable by $2,250
Correct Answer:
Verified
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On October 1, 2012, Nadal
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