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Homework answers / question archive / Oriole Company holds Wildhorse Co

Oriole Company holds Wildhorse Co

Accounting

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

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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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