On April 22, Acme Supply learned that Shannon Bell could pay only half the $5,000 note receivable. Interest in the amount of $150 was also owed at this time. Acme agreed to extend the due date for another 30 days for half the principal and Bell paid a total of $2,650. Acme will record this transaction with a (debit or credit) to Interest Income for $.

Answer rating: 100% (QA)

1 Initial Situation Acme Supply had a 5000 note receivable from Shannon Bell At the time of paym... View the full answer