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Home Q & A Board Other Fields Homework Help Business Accounting
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majestico majestico
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7 years ago
On November 6, an 10%, 90-day, $4,000 note was accepted by Carmen in exchange for merchandise. What entry does Carmen make on December 31 to recognize the interest?
A) Debit Interest Receivable; credit Interest Income for $100.00
B) Credit Interest Receivable; debit Interest Income $61.11
C) Debit Interest Receivable; credit Interest Income for $61.11
D) None of these answers is correct.
Textbook 
College Accounting: A Practical Approach

College Accounting: A Practical Approach


Edition: 13th
Author:
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AugustisAugustis
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#1
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7 years ago
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majestico Author
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7 years ago
Thanks
momochiime
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Yesterday
Smart ... Thanks!
smi3
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2 hours ago
Just got PERFECT on my quiz
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