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24. On March 15, 2020, El Centro Company received a three-month, 10%, $10,000 note from Sam Jones for the settlement of his open account.
24. On March 15, 2020, El Centro Company received a three-month, 10%, $10,000 note from Sam Jones for the settlement of his open account. The entry by El Centro Company on June 15, 2020 if Jones dishonors the note and collection is expected is: a. Accounts Receivable-S. Jones. Notes Receivable b. Accounts Receivable-S. Jones. Interest Lost 10,000 10,000 10,000 250 Notes Receivable 10,250 C. Accounts Receivable-S. Jones. 10,250 Notes Receivable 10,000 Interest Revenue 250 d. Bad Debt Expense 10,250 Notes Receivable. 10,250
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