Morton Co. accepts a 60-day, 11% note from Anderson Imports for an extension of time on its
Question:
Morton Co. accepts a 60-day, 11% note from Anderson Imports for an extension of time on its account, $990.00 Notes Receivable No. 5.
The credit for this transaction would be made to
a. Accounts Payable.
b. Accounts Receivable.
c. Notes Payable.
d. Notes Receivable.
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A credit balance in accounts receivable describes an amoun...View the full answer
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Hardik Dudhat
I am semi-qualified Chemical Engineering ,I have scored centum in accounting in my senior secondary and in my graduation. I have always helped my fellow students with their concerns on the subject, i have tutored on various tutoring sites in the past and also have taken home tuitions for degree and MBA students. As a tutor, I don't want my students to just get a solution, I want them to understand the concept and never have a doubt in that area thereon and i believe in excelling and not in educating.
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