Answered step by step
Verified Expert Solution
Question
1 Approved Answer
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: Notes Receivable........ Interest Receivable. Accounts Receivable-Rey Company. Interest Revenue. .12,000 150 12,000 150 b. Notes Receivable..... 12,150 Accounts Receivable-Rey Company..... BER 12,150 12,150 Notes Receivable...... Accounts Receivable-Rey Company. Interest Revenue. 12,000 150 Notes Receivable..... Accounts Receivable--Rey Company............ 12,000 12.000
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started