At december 31 year-end, crain corporation has an s8400 note receivable from a customer. interest of 10% has accrued for 10 months on the note what will crain's financial statements report for this situation at december 31?
a. the balance sheet will report the note receivable of $8,400
b. the balance sheet will report the note receivable of $8,400 and interest receivable of $700 °
c. nothing because the business has not received the cash yet.
d. the income statement will report a note receivable of $8,400

A) The balance sheet will report the note receivable of $8,400

Explanation:

Notes receivables and promissory notes are part of the Notes Receivables account, which is an asset account in the balance sheet. They are recorded as follows:

Both accounts are asset accounts, but notes receivable is replacing accounts receivable. Therefore since notes receivable is increasing, it should be debited, and since accounts receivable is decreasing, it should be credited.

You don't record any interest, only after the interest is paid, you should record it as interest revenue.

explanation:

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1   all nations face the problem of scarcity because there are limited resources and unlimited wants. nations do not have enough factors of production to produce everything that their population wants. entrepreneurial resources initiate businesses to make new goods and services; labor resources produce goods and services.

2 there are four factors of production: natural resources, labor resources, capital resources, and entrepreneurial resources. natural resources are raw materials from nature that are used to produce goods. trees, water, and grains are natural resources. some natural resources, such as wheat and cattle, are renewable

3 wants

things that you do not need to have in order to survive, but would like to have

needs

things that you must have in order to survive

goods

physical products

services

tasks that a business perform for customers

resources

items that people can use to make or obtain what they need or want

determine

to settle or decide by choice of alternatives or possiblities

4 i really dont know