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inessss [21]
2 years ago
7

On March 14, Teal Co. accepted a 120-day, 6% note in the amount of $10,000 from AZC Co., a customer. On the due date of the note

, AZC honors the note and pays in full. The journal entry that Teal would make to record payment of this note would include a credit to:
Business
1 answer:
Y_Kistochka [10]2 years ago
5 0

Answer:a credit to  Interest revenue for $200

Explanation:

Interest =  Principal x rate x time ( period )

= $10,000 x 6% x 120/360

=$200

    Account titles and explanation               Debit Credit  

                       Cash                                $10,200  

    Note receivable                                          $10,000  

    Interest revenue                                           $200

Therefore, The journal entry that Teal would make to record payment of this note would include a credit to  Interest revenue for $200

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