Question: & Exit Uniform Supply accepted a $6,000, 90-day, 8% note from Tracy Janitorial on October 17. If the note is dishonored, but Uniform Supply

& Exit Uniform Supply accepted a $6,000, 90-day, 8% note from Tracy

& Exit Uniform Supply accepted a $6,000, 90-day, 8% note from Tracy Janitorial on October 17. If the note is dishonored, but Uniform Supply intends to continue collection efforts, what entry should Uniform Supply make on January 15 of the next year? (Use 360 days a year.) Submit Multiple Choice O Debit Cash $6,120, credit Notes Receivable $6,120. Debit Cash $6,120; credit Interest Revenue $100; credit Interest Receivable $20, credit Notes Receivable $6,000. Debit Accounts Receivable $6,120; credit Interest Revenue $20; credit Interest Receivable $100, credit Notes Receivable $6,000. Debit Cash $6,120; credit Interest Revenue $20; credit Interest Receivable $100, credit Notes Receivable $6,000. Debit Notes Receivable $6,000, debit Interest Receivable $120; credit Sales $6,120.

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer

Step: 1 Unlock blur-text-image

Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock

Step: 3 Unlock

Students Have Also Explored These Related Accounting Questions!

Terry Chan and Darryl Klein formed a partnership on September 1. Terry contributed cash of $20,000 and a building with a cost of $100,000 and fair value of $180,000. Darryl contributed cash of...

Uniform Supply accepted a $4,800,90-day, 8% note from Tracy Janitorial on October 17 . If the note is dishonored, but Uniform Supply intends to continue collection efforts, what entry should Uniform...

Uniform Supply accepted a $ 6 , 6 0 0 , 9 0 - day, 8 % note from Tracy Janitorial on October 1 7 . If the note is dishonored, but Uniform Supply intends to continue collection efforts, what entry...

Uniform Supply accepted a $4,800,90-day, 10% note from Tracy Janitorial on October 17 . If the note is dishonored, but Uniform Supply intends to continue collection efforts, what entry should Uniform...

Uniform Supply accepted a $ 4 , 8 0 0 , 9 0 - day, 1 2 % note from Tracy Janitorial on October 1 7 . If the note is dishonored, but Uniform Supply intends to continue collection efforts, what entry...

Question 2 4 Uniform Supply accepted a $ 5 , 2 0 0 , 9 0 - day, 1 2 % note from Tracy Janitorial on October 1 7 . If the note is dishonored, but Uniform Supply intends to continue collection efforts,...

Help\ Save & Exit\ Uniform Supply accepted a $16,800,90 -day, 7% note from Tracy Janitorial on October 17 . What entry should Uniform Supply make on January 15 of the next year when the note is paid?...

Save & Exit Uniform Supply accepted a $7,600, 90-day, 6% note from Tracy Janitorial on October 17. What entry should Uniform Supply make on January 15 of the next year when the note is paid? (Assume...

Uniform Supply accepted a $6,300, 90-day, 8% note from Tracy Janitorial on October 17. If the note is dishonored, but Uniform Supply intends to continue collection efforts, what entry should Uniform...

QUESTION 20 Craigmont uses the allowance method to account for uncollectible accounts, its year-end unadjusted trial balance shows Accounts Receivable of $148,500, allowance for doubtful accounts of...

Tesla bonds have a 10-year maturity, $1,000 face value, and a 5% annual coupon rate paid semi-annually. Suppose 10 Year treasury note yields are 1.65%, and Tesla's default risk premium is 3%. How...

Calculate the concentrations of all species in a 0.100 M H3PO4 solution.

Current objective Determine the interval of convergence and radius of convergence of a power series Question Determine the interval of convergence for the series below. n = 1 ( x + 9 ) n 2 nWrite...

A $50,000 loan is to be amortized over 7 years, with annual end-of-year payments. Which of these statements is CORRECT? a. The annual payments would be larger if the interest rate were lower. b. The...

Are you monochronic or polychronic? Why do you think this is so?

What are Chronemics?

Let the N = (0, 0, 1) be the "north pole" of a given unit sphere. Compute the V23 1 stereographic projection of the point (,- ) onto the ay-plane. 6 3 What is the x-coordinate of the projection?

Points A and B move along the z and y axes, respectively, in such a way that the distancer (in inches) along the perpendicular from the origin O to the line segment AB remains constant, as...

Tori and some other childeen experimented with balls to see which ones rolled. First using a piece of cardboard to use as a ramp, they angled it on a block to the floor to test the balls. Then Tori...

View the movie Witness with Harrison Ford and Alexander Goodenough. This movie portrays how a group of people work effectively together in constructing a building. What strategies can you take from...

Listen to the song Revolution by the Beatles (Lennon & McCarthy, 1968). Why would some people prefer a quicker, revolutionary approach to change? (See Web site:...

Use a personality inventory such as the Myers-Brigg to identify your individual personality style. Discuss how the results affect your ability to communicate and to resolve and grow from conflict.