If a Bank Statement Included a Bank Collection of a Note

question 109

Multiple Choice

If a bank statement included a bank collection of a note receivable and the related interest revenue,the journal entry to record this item should include a:

• A)debit to Note Receivable and a credit to Cash.
• B)debit to Cash and a credit to Note Receivable.
• C)debit to Cash,credit to Note Receivable,and credit to Interest Revenue.
• D)debit to Note Payable,credit to Cash and credit to Interest Revenue.

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The official currency of Japan, symbolized as ¥ and known in currency markets as JPY.

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