On January 1,2015,Notes Receivable have a balance of $10,000.On December 31,2015,Notes Receivable have a balance of $90,000.No collections on notes receivable occurred in 2015.What amount of new notes were written in 2015?
A)$10,000
B)$80,000
C)$90,000
D)$100,000

Question

Quizplus · Accepted Answer

The increase in Notes Receivable balance from $10,000 to $90,000 is solely due to the issuance of new notes, since there were no collections in 2015. Therefore, the amount of new notes written in 2015 is $90,000 - $10,000 = $80,000.

On January 1,2015,Notes Receivable Have a Balance of $10,000