Swan Corporation received a four-month, 8%, $1,650 note receivable on March 1. Theadjusting entry on March 31 will includea. a debit to Interest Receivable for $44.b. a credit to Interest Revenue for $11.c. a debit to Cash for $132.d. a debit to Interest Receivable for $132.
Swan Corporation received a four-month, 8%, $1,650 note receivable on March 1. Theadjusting entry on March 31 will includea. a debit to Interest Receivable for $44.b. a credit to Interest Revenue for $11.c. a debit to Cash for $132.d. a debit to Interest Receivable for $132.
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter6: Cash And Receivables
Section: Chapter Questions
Problem 14RE: On June 1, Phillips Corporation sold, with recourse, a note receivable from a customer to a bank....
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Swan Corporation received a four-month, 8%, $1,650 note receivable on March 1. The
adjusting entry on March 31 will include
a. a debit to Interest Receivable for $44.
b. a credit to Interest Revenue for $11.
c. a debit to Cash for $132.
d. a debit to Interest Receivable for $132.
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