MCM Company issued a note receivable to a customer on October 1, 2020. The face...
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MCM Company issued a note receivable to a customer on October 1, 2020. The face value of the note was $20,000 at 5% interest for 7 months. What would be included in the journal entry on April 30, 2021?
A credit to Interest Income for $583.33
A credit to Interest Receivable for $250.00
A debit to Interest Receivable for $250.00
A debit to Interest Income for $416.67
MCM Company issued a note receivable to a customer on October 1, 2020. The face value of the note was $20,000 at 5% interest for 7 months. What would be included in the journal entry on April 30, 2021?
| A credit to Interest Income for $583.33 | ||
| A credit to Interest Receivable for $250.00 | ||
| A debit to Interest Receivable for $250.00 | ||
| A debit to Interest Income for $416.67 |
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