Question: On February 1 , 2 0 2 4 , a company lends cash and accepts a $ 2 0 , 0 0 0 note receivable

On February 1,2024, a company lends cash and accepts a $20,000 note receivable that offers 10% interest and is due in six months. What would the company record on August 1,2024, when the borrower pays the correct amount owed? Transaction Account Title Debit Credit A. Cash 20,000 A. Interest Revenue 1,000 A. Notes Receivable 21,000 B. Cash 21,000 B. NotesOn February 1,2024, a company lends cash and accepts a $20,000 note receivable that offers 10% interest and is due in six months. What would the company record on August 1,2024, when the borrower pays the correct amount owed? Transaction Account Title Debit Credit A. Cash 20,000 A. Interest Revenue 1,000 A. Notes Receivable 21,000 B. Cash 21,000 B. Notes Receivable 21,000 C. Cash 21,000 C. Interest Revenue 1,000 C. Notes Receivable 20,000 D. Cash 22,000 D. Notes Receivable 22,000

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