Uniform Supply Accepted a $4,800,90-Day,10% Note from Tracy Janitorial on October

question 203

Multiple Choice

Uniform Supply accepted a $4,800,90-day,10% 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? (Assume no reversing entries are made.) (Use 360 days a year.)

• A)Debit Notes Receivable $4,800; debit Interest Receivable $120; credit Sales $4,920.
• B)Debit Cash $4,920; credit Notes Receivable $4,920.
• C)Debit Cash $4,920; credit Interest Revenue $100; credit Interest Receivable $20,credit Notes Receivable $4,800.
• D)Debit Cash $4,920; credit Interest Revenue $20; credit Interest Receivable $100,credit Notes Receivable $4,800.
• E)Debit Accounts Receivable $4,920; credit Interest Revenue $20; credit Interest Receivable $100,credit Notes Receivable $4,800.

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