Upon collection of the amount due on a $6,000 face value,90-day note with interest at 10 percent a year,the Note Receivable account is
A) debited for $6,600.
B) credited for $6,000.
C) credited for $6,150.
D) debited for $6,000.

Question

Quizplus · Accepted Answer

The Note Receivable account is credited for the face value of the note, which is $6,000, when the note is collected. The interest is recorded separately.

Upon Collection of the Amount Due on a $6,000 Face