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Which accounts are used to record collection

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Reference no: EM132966926

Problem 1: The VWX Company collects an honored note with a maturity date of 36 months from establishment, a 8% interest rate, and an initial loan amount of $40,000. Which accounts are used to record collection of the honored note at maturity date?

Select one:

a. Interest Revenue, Interest Expense, Cash
b. Interest Receivable, Cash, Notes Receivable
c. Interest Revenue, Interest Receivable, Cash, Notes Receivable

 

Reference no: EM132966926

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