On March 1, Alender and Company discounted at its bank a $3000,one-year,14% interest-bearing note due on August31. The discount rate 16%. The journal entry that is made to record the discounting of the note is

On March 1,Alexand and company discounted at its bak a$3000,one-year,14%interest-bearing note due on August 31.The dicount rate was 16%. The journal entry that ia made to record the dicounting of the note is
A.Cash 3146.40
Interest income 146.40
Notes receivable 3000.00
B.Cash 2853.60
Interest Expense 146.40
Notes receivable 3000
C.Cash 3000
Int. Expense 146.40
Notes receviable 3146.40
D .Cash 3000
Int. Income 146.40
Note Receivable 2853.60

On March 1,Alexand and company discounted at its bak a$3000,one-year,14%interest-bearing note due on August 31.The dicount rate was 16%. The journal entry that ia made to record the dicounting of the note is
A.Cash 3146.40
Interest income 146.40
Notes receivable 3000.00
B.Cash 2853.60
Interest Expense 146.40
Notes receivable 3000
C.Cash 3000
Int. Expense 146.40
Notes receviable 3146.40
D .Cash 3000
Int. Income 146.40
Note Receivable 2853.60

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