48) When a note receivable is outstanding at the end of an accounting period, A) the revenue recognition principle requires that earnings from the note be recorded in the year the cash is received B) the interest revenue earned on the note up to year-end is part of that year's earnings C) the total interest on the note should be recorded in an adjusting entry D) no adjusting entry is needed 49) Which of the following would be included in the entry by the payee to record a dishonored note receivable? A) a debit to Notes Receivable B) a debit to Accounts Receivable C) a debit to Interest Revenue D) a credit to Interest Expense 50) On January 1, Southwest Company accepted a one-year note for $60,000 at 8% from one of its customers. When the note matured on December 31, the customer was unable to pay, and the company recorded the dishonor. The amount of the debit recorded on December 31 is A) $55,200 B) $4800 C) 564,800 D) $60,000