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On January 1 , Orange Corp. accepted a one - year note for $ 9 , 0 0 0 at 7 % from one of
On January Orange Corp. accepted a one year note for $ at from one of its customers. When the note matured on December the customer was unable to pay, and the company treated it as a dishonored note. The journal entry would be:
A Accounts Receivable
Note Receivable
Interest Revenue
B Bad Debts Expense
Notes Receivable
Interest Revenue
C Accounts Receivable
Notes Receivable
D
Cash
Note Receivable
Interest Revenue
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