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Sarah purchased merchandise from SAAD on October 17 of the current year. SAAD accepted ALIS...

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Question

Accounting

  1. Sarah purchased merchandise from SAAD on October 17 of the current year. SAAD accepted ALIS $10,000, 90-day, 10% note as payment. What entry should SAAD make on January 15 of the next year when the note is paid? A.

Notes Receivable

10,000

Interest Receivable

250

Sales

10,250

B.

Cash

10,250

Notes Receivable

10,250

C.

Cash

10,250

Interest Revenue

208

Interest Receivable

42

Notes Receivable

10,000

D.

Cash

10,250

Interest Revenue

42

Interest Receivable

208

Notes Receivable

10,000

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