On June 30 , Brown Company agrees to accept a 60 -day, 8%,$6,300 note from...
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Accounting
On June 30 , Brown Company agrees to accept a 60 -day, 8%,$6,300 note from Orange Company to extend the due date on an overdue account. What is the journal entry that Orange Company would make when it records payment of the note on the maturity date? (Use 360 days a year.) Multiple Choice Debit Notes Payable $6,300; debit Interest Expense $84; credit Cash $6,384. Debit Cash $6,384; credit Interest Revenue $84; credit Notes Payable $6,300. Debit Cash $6,384; credit Interest Revenue $84; credit Notes Receivable $6,300. Debit Notes Payable $6,300; debit Interest Expense $126; credit Cash $6,426. Debit Notes Payable $6,300; credit Interest Expense $84, credit Cash $6,216
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