Silver Company received a two-month, 6% note for $16,000 on Aug. 5. Which of the following statements is correct? A. Silver will receive $16,000 plus interest of $960 at maturity. B. Silver should record a total receivable due of $16,080 on August 5. C. The principal of the note plus interest is due on October 15. D. The maturity value of this note is $16, 160. 6. Silver Company received a two-month, 6% note for $16,000 on Aug. 5. Which of the following statements is correct? A. Silver will receive $16,000 plus interest of $960 at maturity. B. Silver should record a total receivable due of $16,080 on August 5. C. The principal of the note plus interest is due on October 15. D. The maturity value of this note is $16,160.

Silver Company received a two-month, 6% note for $16,000 on Aug. 5. Which of the following statements is correct? A. Silver will receive $16,000 plus interest of $960 at maturity. B. Silver should record a total receivable due of $16,080 on August 5. C. The principal of the note plus interest is due on October 15. D. The maturity value of this note is $16, 160. 6. Silver Company received a two-month, 6% note for $16,000 on Aug. 5. Which of the following statements is correct? A. Silver will receive $16,000 plus interest of $960 at maturity. B. Silver should record a total receivable due of $16,080 on August 5. C. The principal of the note plus interest is due on October 15. D. The maturity value of this note is $16,160.

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter9: Accounting For Receivables

Section: Chapter Questions

Problem 22MC: A company collects an honored note with a maturity date of 24 months from establishment, a 10%...

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