Giorgio Italian Market bought $4,000 worth of merchandise from Food Suppliers and signed a 90-day,6% promissory note for the $4,000.Food Supplier's journal entry to record the collection on the maturity date is:
A) Debit Cash $4,060;credit Notes Receivable $4,060
B) Debit Notes Receivable $4,000;credit Cash $4,000
C) Debit Cash $4,000;debit Interest Receivable $60;credit Sales $4,000
D) Debit Notes Receivable $4,060;credit Sales $4,060
E) Debit Cash $4,060;credit Interest Revenue $60;credit Notes Receivable $4,000
Correct Answer:
Verified
Q54: The amount due on the maturity date
Q55: Uniform Supply accepted a $4,800,90-day,10% note from
Q56: On July 9,Mifflin Company receives a $8,500,90-day,8%
Q57: Valley Spa purchased $7,800 in plumbing components
Q60: Jax Recording Studio purchased $7,800 in electronic
Q61: On February 1,a customer's account balance of
Q62: MacKenzie Company sold $300 of merchandise to
Q63: MacKenzie Company sold $180 of merchandise to
Q98: Failure by a promissory note's maker to
Q173: Gemstone Products allows customers to use bank
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