7. Receivables and Investments
Notes Receivable
Multiple Choice
Multiple ChoiceOn April 15, Holden Company received a 60-day, 12% note in the amount of $10,000 from a customer who was having difficulty paying his account. When preparing the April 30 financial statements, the necessary adjusting entry related to interest would include:
A
Debit to Note Receivable for $50
B
Debit to Interest Receivable for $50
C
Credit to Interest Receivable for $50
D
Credit to Note Receivable for $50
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