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My teacher marked this wrong on the exam, even though I chose the correct answer (which is E).
Giorgio Italian Market bought $4,000 worth of merchandise from Food Suppliers and signed a 90-day, 6% promissory note for the $4,000. Food Supplier's journal entry to record the collection on the maturity date is:
A. Debit Cash $4,060; credit Notes Receivable $4,060.
B. Debit Notes Receivable $4,000; credit Cash $4,000.
C. Debit Cash $4,000; debit Interest Receivable $60; credit Sales $4,000.
D. Debit Notes Receivable $4,060; credit Sales $4,060.
E. Debit Cash $4,060; credit Interest Revenue $60; credit Notes Receivable $4,000.
He said that the correct answer was B.
When I (and another student who was also similarly perplexed) asked him about it after class, he said that it doesn't matter and when I asked him to clarify he said that he doesn't want to talk about it.
He's always seemed a little weird whenever I ask him questions after class, but this takes the cake.
My teacher marked this wrong on the exam, even though I chose the correct answer (which is E).
Giorgio Italian Market bought $4,000 worth of merchandise from Food Suppliers and signed a 90-day, 6% promissory note for the $4,000. Food Supplier's journal entry to record the collection on the maturity date is:
A. Debit Cash $4,060; credit Notes Receivable $4,060.
B. Debit Notes Receivable $4,000; credit Cash $4,000.
C. Debit Cash $4,000; debit Interest Receivable $60; credit Sales $4,000.
D. Debit Notes Receivable $4,060; credit Sales $4,060.
E. Debit Cash $4,060; credit Interest Revenue $60; credit Notes Receivable $4,000.
He said that the correct answer was B.
When I (and another student who was also similarly perplexed) asked him about it after class, he said that it doesn't matter and when I asked him to clarify he said that he doesn't want to talk about it.
He's always seemed a little weird whenever I ask him questions after class, but this takes the cake.
Go by during his office hours and talk to him in private. He’s clearly wrong, and if he doesn’t fix it for you, you need to go to the Department Chair.
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