Question: Uniform Supply accepted a $4,800, 90-day, 10% note from Tracy Janitorial on October 17. What entry should Uniform Supply make on January 15 of the

Uniform Supply accepted a $4,800, 90-day, 10% 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(Use 360 days a year.)

Debit Notes Receivable $4,800: debit Interest Receivable $120credit Sales 4,920

Debit Cash $4,920 credit Notes Receivable $4,920

100credit Interest Receivable $20credit Notes ReceivableDebit Cash $4,920credit Interest Reven $4,800 Debit Cash $4.920credit Interest Revenue $120; credit Notes Receivable $4,800 Debi

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