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A company issues a note receivable in place of an outstanding accounts receivable balance. The amount of the note is $5,000, the interest rate is
A company issues a note receivable in place of an outstanding accounts receivable balance. The amount of the note is $5,000, the interest rate is 6% and the term is 2 months. Assuming the note receivable is dishonoured, but the company expects eventual payment, what will the journal entry include on the date the note maturies, assuming that is also the date the note is dishonoured? O debit to Interest Revenue $50 O debit to Accounts Receivable $5,000 O debit to Cash of $5,050 O debit to Accounts Receivable $5,050
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