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Wildhorse Co. receives a $16000, 9-month, 10% promissory note from Metlock, Inc. in settlement of an open accounts receivable. What entry will Wildhorse Co. make
Wildhorse Co. receives a $16000, 9-month, 10% promissory note from Metlock, Inc. in settlement of an open accounts receivable. What entry will Wildhorse Co. make upon receiving the note?
Select answer from the options below
Notes Receivable | 16000 |
| |
| Accounts Receivable-Metlock, Inc. |
| 16000 |
Notes Receivable | 17200 |
| |
| Accounts Receivable-Metlock, Inc. |
| 16000 |
| Interest Revenue |
| 1200 |
Notes Receivable | 16000 |
| |
Interest Receivable | 1200 |
| |
| Accounts Receivable-Metlock, Inc. |
| 16000 |
| Interest Revenue |
| 1200 |
Notes Receivable | 17200 |
| |
| Accounts Receivable-Metlock, Inc. |
| 17200 |
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