Coasters Co. issued a note receivable to a customer. The customer made payment, principal and interest, directly to the Coaster’s bank. What would be included in the journal entry to adjust for this payment? Debit to interest expense Debit to notes receivable Credit to interest income No journal entry needed Credit to cash
Coasters Co. issued a note receivable to a customer. The customer made payment, principal and interest, directly to the Coaster’s bank. What would be included in the journal entry to adjust for this payment? Debit to interest expense Debit to notes receivable Credit to interest income No journal entry needed Credit to cash
Chapter7: Accounting Information Systems
Section: Chapter Questions
Problem 24MC: You just posted a credit to Accounts Receivable. Which special journal did it come from? A. sales...
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Coasters Co. issued a note receivable to a customer. The customer made payment, principal and interest, directly to the Coaster’s bank. What would be included in the
Debit to interest expense |
||
Debit to notes receivable |
||
Credit to interest income |
||
No journal entry needed |
||
Credit to cash |
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