On March 14, Ian Co. accepted a 180-day, 5% note in the amount of $1,000 from Ali Co., a customer. On the due date of the note, Ali dishonors the note and fails to pay. The journal entry that Ian would record on the due date would include a: (Check all that apply.) Multiple select question. credit to Notes Receivable for $1,000. debit to Accounts Receivable - Ali for $1,025. debit to Interest Revenue for $25. debit to Notes Receivable for $1,025. credit to Accounts Receivable - Ali for $1,000. credit to Interest Revenue for $25.

Respuesta :

Answer:

Debit to Accounts Receivable - Ali for $1,025,

Credit to Interest Revenue for $25,

Credit to Notes Receivable for $1,000,

Explanation:

Based on the information given The appropriate journal entry that Ian would record on the due date would include a:

Debit to Accounts Receivable - Ali for $1,025,

($1,000+$25)

Credit to Interest Revenue for $25,

(5%*$1,000*180 /360)

Credit to Notes Receivable for $1,000,