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 |
10,300 |
|
|
Notes Receivable |
10,300 |
||
|
b |
Cash |
10,000 |
|
|
Notes Receivable |
10,000 |
||
|
c |
Accounts Receivable |
10,300 |
|
|
Notes Receivable |
10,000 |
||
|
Interest Revenue |
300 |
||
|
d |
Cash |
10,300 |
10,000 |
|
Notes Receivable |
300 |
||
|
Interest Revenue |