schlicht co holds osgrove incs 10 000 120 day 9 note..., Receivables, Accounting

Test
Index

Question:Schlicht Co. holds Osgrove Inc's $10,000, 120-day, 9% note. The entry made by Schlicht Co. when the note is collected, assuming no interest has been previously accured, is:

A Title Dr Cr
Cash $10,300 ---
Notes Receivable --- $10,300
 
B Title Dr Cr
Cash $10,000 ---
Notes Receivable --- $10,000
 
C Title Dr Cr
Accounts Receivable $10,300 ---
Notes Receivable --- $10,300
 
D Title Dr Cr
Cash $10,300 ---
Notes Receivable --- $10,000
Interest Revenue --- $300

Title	Dr	Cr
Cash	$10,300	---
Notes Receivable	---	$10,300

Title	Dr	Cr
Cash	$10,000	---
Notes Receivable	---	$10,000

Title	Dr	Cr
Accounts Receivable	$10,300	---
Notes Receivable	---	$10,300

Title	Dr	Cr
Cash	$10,300	---
Notes Receivable	---	$10,000
Interest Revenue	---	$300

/10

+ AnswerD

+ Report

Descriptive on Receivables Ebook

Total Preview: 925

Question:Schlicht Co. holds Osgrove Inc's $10,000, 120-day, 9% note. The entry made by Schlicht Co. when the note is collected, assuming no interest has been previously accured, is:

A TitleDrCrCash$10,300---Notes Receivable---$10,300

B TitleDrCrCash$10,000---Notes Receivable---$10,000

C TitleDrCrAccounts Receivable$10,300---Notes Receivable---$10,300

D TitleDrCrCash$10,300---Notes Receivable---$10,000Interest Revenue---$300

D

A
Title Dr Cr
Cash $10,300 ---
Notes Receivable --- $10,300

B
Title Dr Cr
Cash $10,000 ---
Notes Receivable --- $10,000

C
Title Dr Cr
Accounts Receivable $10,300 ---
Notes Receivable --- $10,300

D
Title Dr Cr
Cash $10,300 ---
Notes Receivable --- $10,000
Interest Revenue --- $300