On August 3, Marley's Sporting Goods accepted a six-month promissory note from J.J. Brown, who owed...

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On August 3, Marley's Sporting Goods accepted a six-month promissory note from J.J. Brown, who owed $490 on account. (J.J. had needed more time to pay his balance.) The promissory note had a 10 percent interest rate. The journal entry on August 3 to record the transaction would be: OPTION ACCOUNT TITLE DEBIT CREDIT (A) Notes receivable 490 Accounts receivable. 490 (B) Cash 490 Notes receivable 490 (C) Cash 490 Accounts receivable 490 (D) Accounts receivable 490 Notes receivable 490 Multiple Choice Option B On August 3, Marley's Sporting Goods accepted a six-month promissory note from J.J. Brown, who owed $490 on account. (J.J. had needed more time to pay his balance.) The promissory note had a 10 percent interest rate. The journal entry on August 3 to record the transaction would be: OPTION ACCOUNT TITLE DEBIT CREDIT (A) Notes receivable 490 Accounts receivable. 490 (B) Cash 490 Notes receivable 490 (C) Cash 490 Accounts receivable 490 (D) Accounts receivable 490 Notes receivable 490 Multiple Choice Option B