On October 1, the Humpback Company accepted a ($ 50,000,60) day, nine percent, promissory note in exchange
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On October 1, the Humpback Company accepted a \(\$ 50,000,60\) day, nine percent, promissory note in exchange for an overdue accounts receivable balance for the same amount from the Schwartz Company. On November 30, the Schwartz Company dishonored the note. What journal entry should be recorded on November 30?
a. Debit Dishonored Note Receivable Expense; credit Notes Receivable.
b. Debit Allowance for Doubtful Accounts; credit Notes Receivable.
c. Debit Accounts Receivable; credit Interest Income; credit Notes Receivable.
d. None of the above entries is correct.
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