Question: Kaiven Company accepted a $ 1 2 , 0 0 0 , 6 0 - day, 6 % note on December 2 1 from Diaz

Kaiven Company accepted a $12,000,60-day, 6% note on December 21 from Diaz Co, granting a time extension on his past-due account receivable. The adjusting entry on December 31 would include a debit to:
A. Interest Revenue for $120.
B. Interest Receivable for $20.
C. Interest Receivable for $120.
D. Interest Revenue for $20.

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!

Q:

Find the transfer function, X 3 (s)/F(s), for each system shown in Figure P2.14. 13() fv = 4 N-s/mp K= 5 N/m fv = 4N-s/m f()- M, = 4 kg0000 M2 = 4 kg fvz = 4 N-s/m fv=4 N-s/m (a) X(1) Frictionless 1...

Q:

LA of commodity at a specified price and date. b. A contract is for a standardized mamber of units of a good to be delivered at a specific date c. Companies involved in international trade can...

Q:

Complete the following Carolina Biological Lab: Kinematics. Please read the Distance Learning Lab Safety Agreement. By taking part in these labs, you agree to the terms in the Distance Learning...

Q:

File Home Insert Draw Page Layout Formulas Data Review View Help Comments Share MS Sans Serif AutoSum 10 ~ A == ale Wrap Text General AT TT 28 X Cut LO Copy Format Painter Fill Paste BI U Insert...

Q:

adjusting entries AutoSave Off H2 Intermediate Assignment Search A Orleana D Bland OD X File Home Insert Page Layout Formulas Data Review View Help QuickBooks Share Comments Insert ab Calibri 11 A A...

Q:

=+19. An experiment was conducted to investigate how the length of steel bars is affected by the time of day (A), heat treatment applied (B), and machine used (C). The three times were 8:00 a.m.,...

Q:

The following selected transactions are from King Company. Year 1 Dec. 16 Accepted a $13,200, 60-day, 12% note in granting Jean Clark a time extension on his past-due account receivable. 31 Made an...

Q:

Check my work 1 The following selected transactions are from Ohlm Company. 10 points 31 eBook Print References 2016 Dec. 16 Accepted a $10, 800, 60-day, 8% note dated this day in granting Danny Todd...

Q:

Homework Please see problem. This is one question worth 25 points, and I need to make sure I understand the material before the test 26 25 points Required information Use the following information...

Q:

Required information [The following information applies to the questions displayed below.) On October 29, Lobo Co. began operations by purchasing razors for resale. The razors have a 90-day warranty....

Q:

Need Help Thanks. rest of the assignment information. GL0701 - Based on Problem 7-5A LO C2, C3, P4 The following selected transactions are from Turner Company Year 1 Dec. 16 Accepted a $22,800,...

Q:

How do we measure job satisfaction?

Q:

The accompanying table shows the incidence of malaria and two other similar illnesses. If a person lives in an area affected by all three diseases, what is the probability that he or she will develop...

Q:

On June 3 0 , 2 0 2 1 , Plaster, Inc., paid $ 8 9 2 , 0 0 0 for 8 0 percent of Stucco Company's outstanding stock. Plaster assessed the acquisition - date fair value of the 2 0 percent noncontrolling...

Q:

MATLAB PLEASE HELP - Please do not copy other Chegg responses as they are wrong Please write 2 files, one with the function and the other file that calls the function and creates the plot. In this...