Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. select all that apply on march 14, lan co. accept

Select all that apply On March 14, lan Co. accepted a 180-day, 5% note...

70.2K

Verified Solution

Question

Accounting

Select all that apply
On March 14, lan Co. accepted a 180-day, 5% note in the amount of $1,000 from Ali Co., a customer. On the due date of the note, Ali dishonors the note. The journal entry that lan would record on the due date would include a:
debit to Accounts Receivable - Ali for $1,025.
debit to Notes Receivable for $1,025.
debit to Interest Revenue for $25.
credit to Notes Receivable for $1,000.
credit to Accounts Receivable - Ali for $1,000,
credit to Interest Revenue for $25.
image

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Zin AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Q

Sketch the region in the first quadrant enclosed by y=2/x , y=3x, and y=1/3x. Decide whether...

Basic Math
Q

Match each statemet with one of the following options A: ... the same B....the same 1 When two or...

Physics
Q

upon by upward parallel forces of 2 N and 4 N at ends A and...

Physics
Q

A small bar A resting on a smooth horizontal plane is attached by threads to...

Physics
Q

Find the value of each variable Answers should be in simplest radical form 26 27...

Geometry
Q

1 2 A 3 Round 4 1 to the nearest whole number 4 X 3...

Basic Math
Q

foot A rectangular room measures 12 feet by 11 feet Find the cost of installing...

Basic Math
Q

Solve by completing the square 3x 7x 5 9 b Oa Ob Od 7 6...

Algebra
Q

Sandhill Company expects to produce 1,260,000 units of product XX in 2022. Monthly production is...

Accounting
Q

Hixson Company manufactures and sells one product for $34 per unit. The company maintains no...

Accounting
Q

Problem 7-18(Algo) Activity-Based Costing and Bidding on Jobs [LO7-2, LO7-3, LO7-4] Mercer Asbestos Removal...

Accounting
Q

Ledecky and Sons is a business registered for GST, and it lodges its Business Activity...

Accounting