Assume that on November 1,a note which has a face value of $9,000,bears interest at 9 percent for 120 days,received from a customer as an extension of her past-due account is dishonored.The entry that would be made to record the dishonor include all except
A) a debit to Accounts Receivable for $9,000
B) a credit to Interest Income for $266
C) a credit to Notes Receivable for $9,000
D) a debit to Accounts Receivable for $9,266
Correct Answer:
Verified
Q84: Days' sales uncollected equals 365 days divided
Q85: The receivables turnover is expressed in terms
Q86: Which of the following topics involves a
Q87: What is a contingent liability,and how does
Q88: Explain the two methods used to estimate
Q90: Why should a dishonored note receivable be
Q91: If the receivables turnover is 3.1 times,what
Q92: Which of the following situations results in
Q93: Assume that the $2,000,90-day,8 percent note was
Q94: If net sales total $50,000,beginning accounts receivable
Unlock this Answer For Free Now!
View this answer and more for free by performing one of the following actions
Scan the QR code to install the App and get 2 free unlocks
Unlock quizzes for free by uploading documents