On November 6,an 10%,90-day,$4,000 note was accepted by Carmen in exchange for merchandise.What entry does Carmen make on December 31 to recognize the interest?
A)Credit Interest Receivable;debit Interest Income $61.11
B)Debit Interest Receivable;credit Interest Income for $61.11
C)Debit Interest Receivable;credit Interest Income for $100.00
D)None of these answers is correct.

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The Answer of On November 6,an 10%,90-day,$4,000 note was accepted by Carmen in exchange for merchandise.What entry does Carmen make on December 31 to recognize the interest?
A)Credit Interest Receivable;debit Interest Income $61.11
B)Debit Interest Receivable;credit Interest Income for $61.11
C)Debit Interest Receivable;credit Interest Income for $100.00
D)None of these answers is correct.

On November 6,an 10%,90-Day,$4,000 Note Was Accepted by Carmen in Exchange