$46,550 increase.
$48,000 increase.
15Multiple Choice Question 142
A 5%, 120-day note receivable is received from a customer to settle an
existing account receivable of $75,000. Assuming a 360 day year, the
accounting entry for acquisition of the note will include a
debit to Notes Receivable for $75,000 and no entry for interest.
debit to Notes Receivable for $76,250.
debit to Notes Receivable for $78,720.
credit to Interest Revenue for $1,250.
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ACC 557 Week 6 Chapter 9 (E9-9, E9-11, E9-12, P9-3A)
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ACC 557 Week 6 Chapter 9 (E9-9, E9-11, E9-12, P9-3A)
E9-9: Presented below are selected transactions at Tomas Company
for 2014.
Journalize all entries required on the above dates, including entries to
update depreciation, where applicable, on assets disposed of. Tomas
Company uses straight-line depreciation. ............