Uniform Supply accepted a $14,800, 90-day, 6% note from Tracy Janitorial on October 17. What entry...

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Uniform Supply accepted a $14,800, 90-day, 6% note from Tracy Janitorial on October 17. What entry should Uniform Supply make on January 15 of the next year when the note is paid? Assume that December 31 is fiscal year end. (Use 360 days a year.) a. Debit Cash $15,022; credit Notes Receivable $15,022. b. Debit Cash $15,022; credit Interest Revenue $222,credit Notes Receivable $14,800. c. Debit Cash $15,022; credit Interest Revenue $37; credit Interest Receivable $185; credit Notes Receivable $14,800. O d. Debit Notes Receivable $14,800; debit Interest Receivable $222; credit Sales $15,022. Uniform Supply accepted a $14,800, 90-day, 6% note from Tracy Janitorial on October 17. What entry should Uniform Supply make on January 15 of the next year when the note is paid? Assume that December 31 is fiscal year end. (Use 360 days a year.) a. Debit Cash $15,022; credit Notes Receivable $15,022. b. Debit Cash $15,022; credit Interest Revenue $222,credit Notes Receivable $14,800. c. Debit Cash $15,022; credit Interest Revenue $37; credit Interest Receivable $185; credit Notes Receivable $14,800. O d. Debit Notes Receivable $14,800; debit Interest Receivable $222; credit Sales $15,022.

Answer rating: 100% (QA)

Total cash received on Jan 15th 14800 14800 X 6 X 90360 15022 ... View the full answer