Michael Co. accepts a $1,000, 3-month, 12% promissory note in settlement of an account with Tani Co.

Question:

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

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