Question
Paper Company receives a $4,317, 3-month, 12% promissory note from Dame Company in settlement of an open accounts receivable. What entry will Paper Company make
Paper Company receives a $4,317, 3-month, 12% promissory note from Dame Company in settlement of an open accounts receivable. What entry will Paper Company make upon receiving the note?
Select the correct answer.
| Notes ReceivableDame Company | $4,447 | |
| Accounts ReceivableDame Company | $4,447 |
| Notes ReceivableDame Company | $4,447 | |
| Accounts ReceivableDame Company | $4,317 | |
| Interest Revenue | $130 |
| Notes ReceivableDame Company | $4,317 | |
| Accounts ReceivableDame Company | $4,317 |
| Notes ReceivableDame Company | $4,447 | |
| Interest Receivable | $130 | |
| Accounts ReceivableDame Company | $4,317 | |
| Interest Receivable | $130 |
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Accounting The Basis For Business Decisions
Authors: Robert F. Meigs, Jan R. Williams, Susan F Haka, Mark S. Bettner
International 11th Edition
007115809X, 978-0071158091
