On June 1, 2018, Jensen Company acquired an 6.2%, ten-month note receivable from a customer in settlement of an existing account receivable of $180,000. Interest and principal are due at maturity.
The proper adjusting entry at December 31, 2018, with regard to this note receivable includes a
a. Debit to Notes Receivable of $11,160.
b. Credit to Interest Revenue of $11,160.
c. Debit to Cash of $6,510
d. Debit to Interest Receivable of $6,510.
Answers (1)
Know the Answer?
Not Sure About the Answer?
Find an answer to your question ✅ “On June 1, 2018, Jensen Company acquired an 6.2%, ten-month note receivable from a customer in settlement of an existing account receivable ...” in 📘 Business if you're in doubt about the correctness of the answers or there's no answer, then try to use the smart search and find answers to the similar questions.
Search for Other Answers
You Might be Interested in
Under the allowance method, a. bad debt expense is recorded when specific customer accounts are determined to be uncollectible. b. the allowance account and estimates are used. c. the allowance account is used, but estimates are not. d.
Answers (1)
Ohn and Henry are U. S. citizens and work for the same law firm that is headquartered in New York. John, however, works from the firm's London office, while Henry works from the office in New York.
Answers (1)
If the 15th unit of output has a marginal cost of $29.50 and the average cost of producing 14 units of output is $30.23, what will happen to the average cost of production if the 15th unit is produced? a.
Answers (1)
Do you believe the government would enact Martial Law? Why or why not?
Answers (1)
The Starr Co. just paid a dividend of $1.85 per share on its stock. The dividends are expected to grow at a constant rate of 4 percent per year, indefinitely. Investors require a return of 12 percent on the stock.
Answers (1)
New Questions in Business
This type of financing includes charitable donations, either cash or in-kind, made to an organization and is the primary source or operating and investing income for major collegiate sports programs.
Answers (1)
What is the term for selling related products?
Answers (1)
Both the straight-line method and the effective-interest method of amortization will always result in: a. the same amount of interest expense being recognized each year. b.
Answers (1)
Which of the following statements is true of theories in economics? Theories in economics A. are used to construct models from which quantitative predictions can be made. B.
Answers (1)
Reducing (and sometimes eliminating) the size of engineering staffs has become a recent trend among airlines since they are no longer as involved with the design of new aircraft. A. True B. False
Answers (1)