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Oriole Company holds Wildhorse Co
Oriole Company holds Wildhorse Co. $45600, 120 day, 12% note. The entry made by Oriole Company when the note is collected, assuming no interest has previously been accrued is:
Cash
47424
Notes Receivable
45600
Interest Revenue
1824
Accounts Receivable
47424
Notes Revenue
45600
Interest Revenue
1824
Cash
45600
Notes Receivable
45600
Accounts Receivable
47424
Notes Receivable
45600
Interest Revenue
1824
Expert Solution
So, the correct option is 1st "Cash
47424
Notes Receivable
45600
Interest Revenue
1824".
Explanation
| Journal Entry: | |||
| Date | Account Titles and Explanation | Debit | Credit |
| Cash | $47,424 | ||
| Notes Payable | $45,600 | ||
| Interest Revenue ($45,600*12%*120/360) | 1824 | ||
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