Demonstrate the required adjusting entry needed to record a $1,000 note receivable collected by the bank by choosing the correct entry below.Multiple choice question.Debit Cash $1,000 and credit Accounts Receivable $1,000.Debit Cash $1,000 and credit Notes Receivable $1,000.Debit Notes Receivable $1,000 and credit Cash $1,000.Debit Cash $1,000 and credit Notes Payable $1,000.

Select all that applyOn December 1, Christy Co. accepted a 60-day, 6%, $1,000 note due January 30. On December 31, the appropriate year-end adjusting entry was made. On January 30, the note was honored and paid in full. The entry to record receipt of payment on January 30 (assuming no reversing entry was made) would include a credit to:Multiple select question.Notes Receivable for $1,000.Interest Revenue for $5.Interest Revenue for $10.Interest Receivable for $5.Cash for $1,010.

Which of the following is recorded with a debit to Cash and a credit to Interest Receivable?Multiple choice question.The establishment of a noteThe receipt of the principal paymentThe adjusting entry to record interest owedThe receipt of an interest payment for interest previously recorded

On November 1, Alice Co. accepted a 90-day, 6%, $2,000 note due January 30. On December 31, the appropriate adjusting entry was made. On January 30 of the next year, the note was honored and paid in full. The entry to record receipt of payment on January 30 would include a credit to:Multiple select question.Interest Receivable for $20.Interest Revenue for $20.Interest Revenue for $30.Interest Revenue for $10.Cash for $2,030.Notes Receivable for $2,000

On November 1, 20X1, a company signed a $200,000, 12%, six-month note payable with the amount borrowed plus accrued interest due six months later on May 1, 20X2. The company should record the following adjusting entry at December 31, 20X1:Multiple ChoiceDebit Interest Expense and credit Cash, $12,000.Debit Interest Expense and credit Interest Payable, $12,000.Debit Interest Expense and credit Interest Payable, $4,000.Debit Interest Expense and credit Cash, $4,000.

The adjusting entry to record accrued interest on a note payable requires a:Multiple Choicedebit to Interest Income and a credit to Notes Payable.debit to Interest Expense and a credit to Interest Payable.debit to Interest Expense and a credit to Cash.debit to Interest Payable and a credit to Interest Expense.