Timothy Company sold merchandise to a customer on October 17 of 2004. They accepted a $4,800, 90-day, 10% note as payment. If Timothy Company's accounting period ends on December 31, 2004 [Oct 17 to Dec 31 = 75 days],
Timothy Company's journal entry on January 15 ( when the note plus interest is received ) will include:
a. Credit to Interest Revenue for $120
b. Credit to Interest Revenue for $480
c. Credit to Interest Receivable for $20
d. Credit to Interest Receivable for $100
e. Debit to Cash for $5,280
Answers: 2
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Timothy Company sold merchandise to a customer on October 17 of 2004. They accepted a $4,800, 90-day...
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