On June 1, Year 1, Jensen Company acquired an 4.4%, ten-month note receivable from a customer in

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On June 1, Year 1, Jensen Company acquired an 4.4%, ten-month note receivable from a customer in settlement of an existing account receivable of $240,000. Interest and principal are due at maturity.

The proper adjusting entry at December 31, Year 1, with regard to this note receivable includes a:

Multiple Choice

Debit to Cash of $6,160.
Debit to Notes Receivable of $10,560.
Credit to Interest Revenue of $10,560.
Debit to Interest Receivable of $6,160.

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Modern Advanced Accounting in Canada

ISBN: 978-1259087554

7th edition

Authors: Hilton Murray, Herauf Darrell

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Posted Date: May 16, 2022 04:17 AM

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On June 1, Year 1, Jensen Company acquired an 4.4%, ten-month note receivable from a customer in

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Modern Advanced Accounting in Canada

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