On January 1,Southwest Company accepted a one-year note for $60,000 at 8% from one of its customers.When the note matured on December 31,the customer was unable to pay,and the company recorded the dishonor.The amount of the debit recorded on December 31 is ________.
A) $55,200
B) $4800
C) $60,000
D) $64,800

Question

Quizplus · Accepted Answer

$60,000 × 8% = $4800
Total amount = $60,000 + $4800 = $64,800.

On January 1,Southwest Company Accepted a One-Year Note for $60,000