Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. uniform supply accepted a $6,400, 90-day, 6% note

Uniform Supply accepted a $6,400, 90-day, 6% note from Tracy Janitorial on October 17. If...

50.1K

Verified Solution

Question

Accounting

Uniform Supply accepted a $6,400, 90-day, 6% note from Tracy Janitorial on October 17. If the note is dishonored, but Uniform Supply intends to continue collection efforts, what entry should Uniform Supply make on January 15 of the next year? (Assume no reversing entries are made.) (Use 360 days a year.)

  • Debit Cash $6,496; credit Interest Revenue $16; credit Interest Receivable $80, credit Notes Receivable $6,400.

  • Debit Cash $6,496; credit Interest Revenue $80; credit Interest Receivable $16, credit Notes Receivable $6,400.

  • Debit Notes Receivable $6,400; debit Interest Receivable $96; credit Sales $6,496.

  • Debit Accounts Receivable $6,496; credit Interest Revenue $16; credit Interest Receivable $80, credit Notes Receivable $6,400.

  • Debit Cash $6,496; credit Notes Receivable $6,496.

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Physics
1.2K views

With proper Rheological diagrams and suitable examples for each, discuss all the different types of non-Newtonian fluids...

Physics
1.2K views

3 50 m s 144 Light ray is incident at an angle of 60 on...

Physics
1.2K views

A cell of constant e m f is first connected to a resistance R and...

Basic Math
1.2K views

Find the principal root of this equation:?3 tan(x) = -1X =Give your answer in radians.Do...

Basic Math
1.2K views

Julian owns a small business selling ice-cream. He knows that in the last week 52customers...

Algebra
1.2K views

Simplify: (x^2y^5z)^3Select the correct answer below:(A) x^6y^15z^3(B) x^6y^5z^3(C) x^6y^8z^3(D) x^6y^15z(E) x^5y^8z^3

Algebra
1.2K views

Q8 If z a ib Z c id then Z Z Z Z l a...

Algebra
1.2K views

Find the area of the figure Sides meet at right angles 5 cm 9 cm...

Accounting
1.2K views

29. SiCo begins operations in 20X2 and uses the periodic method. SiCo's December 31, 20X2...

Accounting
1.2K views

Consider a project costing $1m each year from year 1 to year T. Then starting...

Finance
1.2K views

Five years ago, the Staples signed a closed fixed rate mortgage with a 25-year amortization...

Accounting
1.2K views

Problem AudioFile Products Ltd. is a retailer of sound systems. The company is...