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9. Doane Company receives a $10,000, 3-month, 6% promissory note from Ray Company in settlement of an open accounts receivable. What entry will Doane Company
9. Doane Company receives a $10,000, 3-month, 6% promissory note from Ray Company in settlement of an open accounts receivable. What entry will Doane Company make upon receiving the note? a) Notes Receivable 10,000 (Dr) Accounts Receivable-Ray Company 10,000 b) Notes Receivable 10,150 (Dr) Accounts Receivable-Ray Company 10,000 (Cr) Interest Revenue 150 (Dr) Notes Receivable 10,000 (Dr) Interest Receivable 150 (Dr) Accounts Receivable-Ray Company 10 Lupo (Cr) Interest Revenue 150 (Cr) d) Notes Receivable 10,150 (Dr) Accounts Receivable-Ray Company 10,150 (CN)
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