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m.tpx est Headlines un Us MagazineDirect Advantage Call " oViamedia dashboard G Google Q Spam ControlNB News.com R on November 1, 2014, Salem Corporation sold land priced at $960,000 in exchange for a 6%, six-month note recetveble. 8. The journal entry made by Salem to record this transaction on November 1, 2014, includes O A debit to Notes Receivable of $988800 O A debit to Interest Receivable of $28,800 O A credit to Interest Revenue of $28.800 O A debit to Notes Receivable of $960,000 9. Salems belance sheet ot December 31.2014 includes which of the folowing as a resuit of the sale of liand on November 1 O Notes Receivable of $960,000 and Interest Receivable of $9600 O Notes Receivable of $988800 and Interest Receivable of $9.600 O Notes Receivable of $960,000 and Interest Receivable of $28.800 O Notes Receivable of $960.000 only O Notes Receivable of $960,000 only 10. $983 8

Explanation / Answer

Q8 A debit to Note Receivable of $960,000 Note receivable Dr           960,000.00 To Land                            960,000.00 Q9 Note receivable of 960,000 and interest Receivable of 9,600 Since on Dec 31 2014 Entry would be Interest Receivable Dr (960,000*6%*2/12)                9,600.00 To Interest Revenue                                 9,600.00 Q10 19,200 Interest Reveniue Since on May1 2015 Entry would be Interest Receivable Dr (960,000*6%*4/12)             19,200.00 To Interest Revenue                              19,200.00 Q11 An Account receivable in the amount of 988,800 as well as interest revenue of 19,200

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