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Business, 05.03.2020 19:49 vanessafalcon1198

On July 1, 2014, Falcon Company received a $20,000 promissory note from Jordyn Company. The annual interest rate is 5%. Principal and interest are paid in cash at the maturity date of June 30, 2015. If Falcon’s fiscal year ends September 30, 2014, an adjusting entry is needed to:a. Increase interest revenue by $1,000b. Increase notes receivable by $250c. Increase interest receivable by $250d. Increase notes receivable by $1,000

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On July 1, 2014, Falcon Company received a $20,000 promissory note from Jordyn Company. The annual i...
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