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Leek Company receives a $12,000, 3-month, 5% promissory note from Rey Company in settlement of an open accounts receivable. What entry will Leek Company make
Leek Company receives a $12,000, 3-month, 5% promissory note from Rey Company in settlement of an open accounts receivable. What entry will Leek Company make upon receiving the note? Select one: ......12,000 150 O a. Notes Receivable....... Interest Receivable...... Accounts Receivable-Rey Company.. Interest Revenue.... O b. Notes Receivable....... Accounts Receivable-Rey Company....... 12,000 150 C. 12,000 12,000 Notes Receivable...... Accounts Receivable-Rey Company.. Interest Revenue, 12,150 12,000 150 O d. Notes Receivable....... ...12,150 Accounts Receivable-Rey Company. 12,150
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