The Entry to Record the Cash Received on a Note

question 124

Multiple Choice

The entry to record the cash received on a note discounted at less than face value is to:

• A)debit Cash,credit Interest Income,and credit Notes Receivable.
• B)debit Cash,debit Interest Expense,and credit Notes Receivable.
• C)debit Cash and credit Interest Expense.
• D)debit Notes Receivable and credit Cash.