Schleis Co. holds Murphy Inc.”s $10,000, 120-day, 9% note. The entry made by Schleis Co. when the note is collected, assuming no interest has previously been accrued, is:
|
(a) |
Cash |
10300 |
|
|
Notes Receivable |
10300 |
||
|
(b) |
Cash |
10000 |
|
|
Notes Receivable |
10000 |
||
|
( c) |
Accounts Receivable |
10300 |
|
|
Notes Receivable |
10000 |
||
|
Interest Revenue |
300 |
||
|
(d) |
Cash |
10300 |
1000 |
|
Notes Receivable |
10000 |
||
|
Interest Revenue |
300 |
||