Question: On March 14, Ian Co. accepted a 180-day, 5% note in the amount of $1,000 from Ali Co., a customer. On the due date of
On March 14, Ian Co. accepted a 180-day, 5% note in the amount of $1,000 from Ali Co., a customer. On the due date of the note, Ali dishonors the note. The journal entry that Ian would record on the due date would include a: Multiple select question. credit to Notes Receivable for $1,000. debit to Interest Revenue for $25. debit to Notes Receivable for $1,025. credit to Accounts Receivable - Ali for $1,000. credit to Interest Revenue for $25. debit to Accounts Receivable - Ali for $1,025
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