On August 1, Kim Company accepted a 90-day note receivable as payment for services provided to Hsu Company. The terms of the note were $8,500 face value and 7% interest. On October 30, the journal entry to record the collection of the note should include a.
A) Credit to Interest Revenue for $149
B) Interest Revenue for $349
C) Notes Receivable for $249
D) Interest Receivable for $49
Answers (1)
Know the Answer?
Not Sure About the Answer?
Find an answer to your question 👍 “On August 1, Kim Company accepted a 90-day note receivable as payment for services provided to Hsu Company. The terms of the note were ...” in 📗 Business if the answers seem to be not correct or there’s no answer. Try a smart search to find answers to similar questions.
Search for Other Answers
You Might be Interested in
Why is questioning such an important leadership skill
Answers (2)
The following adjusted trial balance contains the accounts and year-end balances of Cruz Company as of December 31. No.
Answers (1)
Which statement is false? A society accepts minimum wage laws as a method of determining wages. The market value of a good determines wages. The quality of a good determines wages. Employee productivity determines wages.
Answers (1)
Data from the National Football League (NFL) from a recent season reported the number of yards gained by each of the league's wide receivers.
Answers (1)
Positive unplanned inventory investment occurs when actual: a. depreciation is less than expected. b. sales are less than expected. c. depreciation is more than expected. d. sales are higher than expected.
Answers (1)
New Questions in Business
MetaProMetaPro Systems is a start-up company that makes connectors for high-speed Internet connections. The company has budgeted variable costs of $ 140$140 for each connector and fixed costs of $ 5 comma 500$5,500 per month.
Answers (1)
The National Highway Traffic Safety Administration (NHTSA) is responsible for all of the following except: A. establishing safety regulations for auto manufacturers B. constructing new highways C. enforcing automobile recalls D.
Answers (1)
Suppose that 1983 is the base year for the consumer price index (cpi) and in 2014 the cpi was 220. what does this "220" mean?
Answers (1)
In 2022 the Bramble Corp. had net credit sales of $920000. On January 1, 2022, the Allowance for Doubtful Accounts had a credit balance of $22100. During 2022, $33200 of uncollectible accounts receivable were written off.
Answers (1)
The price of a good will tend to fall when a. there is excess demand for the good. b. there is excess supply of the good. c. demand for the good increases. d. the supply of the good decreases.
Answers (1)