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Brrunno [24]
3 years ago
8

On June 1, 2018, Jensen Company acquired an 6.2%, ten-month note receivable from a customer in settlement of an existing account

receivable of $180,000. Interest and principal are due at maturity.
The proper adjusting entry at December 31, 2018, with regard to this note receivable includes a


a. Debit to Notes Receivable of $11,160.

b. Credit to Interest Revenue of $11,160.

c. Debit to Cash of $6,510

d. Debit to Interest Receivable of $6,510.
Business
1 answer:
Amiraneli [1.4K]3 years ago
7 0

Answer:

d. Debit to Interest Receivable of $6,510.

Explanation:

To interest receivable = $180,000 * 6.2% = $11,160

Interest receivable for 7 months (June 1 - December 31) = $11,160 * (7/12) = $6,510

Therefore, the proper adjusting entry at December 31, 2018, with regard to this note receivable includes a <u>debit to Interest Receivable of $6,510</u>.

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