Michael Co. accepts a $1,000, 3-month, 12% promissory note in settlement of an account with Tani Co.
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Michael Co. accepts a $1,000, 3-month, 12% promissory note in settlement of an account with Tani Co.
The entry to record this transaction is:
(a) Notes Receivable 1,030 Accounts Receivable 1,030
(b) Notes Receivable 1,000 Accounts Receivable 1,000
(c) Notes Receivable 1,000 Sales Revenue 1,000
(d) Notes Receivable 1,020 Accounts Receivable 1,020 AppendixLO1
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Related Book For 
Accounting Tools For Business Decision Making
ISBN: 9781118771112
5th Edition
Authors: Kimmel, Wetlands, Kieso
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