If a 5 percent note receivable for $100,000 is created on January 1, 2018, and it has
Question:
If a 5 percent note receivable for $100,000 is created on January 1, 2018, and it has a maturity date of December 31, 2021,
a. No interest revenue will be recorded in 2018.
b. The note receivable will be classified as a current asset.
c. Interest Revenue of $5,000 will be recorded in 2018.
d. None of the above.
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The answer is c Interest Revenue of 5000 will be recorded in 2018 When a 5 percent note receivable ...View the full answer
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Related Book For
Fundamentals Of Financial Accounting
ISBN: 9781265440169
7th Edition
Authors: Fred Phillips, Shana Clor Proell, Robert Libby, Patricia Libby
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