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Crane Co. loaned Pina Colada Co. $9000, accepting a 3-month, 4.0% promissory note in exchange. On the due date, Pina Colada Co. indicated that it

Crane Co. loaned Pina Colada Co. $9000, accepting a 3-month, 4.0% promissory note in exchange. On the due date, Pina Colada Co. indicated that it could not pay at the present time. Crane would make the following entry at the time the note is dishonoured assuming Crane expected payment from Pina Colada:

a. Accounts Receivable-Pina Colada Co. 9000 Notes Receivable-Pina Colada Co.9000

b. Accounts Receivable-Pina Colada Co. 9000 Interest Expense Notes Receivable-Pina Colada Co. 90 Accounts Receivable-Pina Colada Co. 9090 Notes Receivable-Pina Colada Co. 9000 9090 9000

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