Question
Reck Company receives a $15,000, 3-month, 8% promissory note from Fey Company in settlement of an open accounts receivable. What entry will Reck Company make
Reck Company receives a $15,000, 3-month, 8% promissory note from Fey Company in settlement of an open accounts receivable. What entry will Reck Company make upon receiving the note?
a. Notes REceivable........................................................... 15,300
Accounts Receivable ........................................... 15,300
b. Notes Receivable........................................................... 15,300
Accounts Receivable ......................................... 15,000
Interest Revenue ............................................... 300
c. Notes Receivable........................................................... 15,000
Interest Receivable................................................. 300
Accounts Receivable.............................................. 15,000
Interest Revenue.................................................... 300
d. Notes Receivable......................................................... 15,000
Accounts Receivable............................................. 15,000
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