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Valley Spa purchased $8,500 in plumbing components from Tubman Co. Valley Spa signed a 60-day, 12% promissory note for $8,500 If the note is dishonored,

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Valley Spa purchased $8,500 in plumbing components from Tubman Co. Valley Spa signed a 60-day, 12% promissory note for $8,500 If the note is dishonored, but Tubman intends to continue collection efforts, what is the journal entry to record the dishonored note? (Use 360 days a year) Multiple Choice Debit Accounts Receiveble $8,670, debit Bad Debt Expense $170; credit Notes Receivable $8,500 Debit Bad Debt Expense $8,670, credit Accounts Receivable $8,670 Debit Bad Debt Expense $8,500, credit Notes Receivable $8,500

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