On May 1, 2018, Fitz Installed a $498,000 Sound System

question 4

Multiple Choice

On May 1, 2018, Fitz installed a $498,000 sound system for International Arena. Fitz agreed to accept a $478,000 six-month, noninterest bearing note due on November 1, 2018. Fitz prepares financial statements at the end of every calendar year. Fitz's journal entry to record the collection of the note plus accrued interest on November 1, 2018, will include a ________.

• A) credit to Interest Revenue for $478,000
• B) debit to Interest Revenue for $20,000
• C) credit to Note Receivable for $498,000
• D) credit to Note Receivable for $478,000

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Definitions:

Chemicals

Substances with distinct molecular compositions used in or produced by chemical processes.

Mouths

Openings in organisms through which food intake occurs; also play key roles in communication and respiration in some species.

Legs

Limbs or appendages of an animal used for support and movement, typically found in pairs.

Ascaris Lumbricoides

A type of roundworm, or helminth, that can cause the disease ascariasis when it infects a human host's intestines.