Question $24$

Uniform Supply accepted a $$5,200,90-$day, $12\%$ 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.$)$

Debit Cash $$5,356$; credit Notes Receivable $$5,356.$

Debit Cash $$5,356$; credit Interest Revenue $$130$; credit Interest Receivable $$26,$ credit Notes Receivable $$5,200.$

Debit Accounts Receivable $$5,356$; credit Interest Revenue $$26$; credit Interest Receivable $$130,$ credit Notes Receivable $$5,200.$

Debit Cash $$5,356$; credit Interest Revenue $$26$; credit Interest Receivable $$130,$ credit Notes Receivable $$5,200.$

Debit Notes Receivable $$5,200$; debit Interest Receivable $$156$; credit Sales $$5,356.$