Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. paper company receives a $3,574, 3-month, 10% prom

Paper Company receives a $3,574, 3-month, 10% promissory note from Dame Company in settlement of...

80.2K

Verified Solution

Question

Accounting

Paper Company receives a $3,574, 3-month, 10% promissory note from Dame Company in settlement of an open account receivable. What entry will Paper Company make upon receiving the note?

a. Account Debit Credit Notes ReceivableDame Company $3,574 Accounts ReceivableDame Company $3,574

b. Account Debit Credit Notes ReceivableDame Company $3,574 Interest Revenue $89 Accounts ReceivableDame Company $3,574 Interest Receivable $89

c. Account Debit Credit Notes ReceivableDame Company $3,663 Accounts ReceivableDame Company $3,574 Interest Revenue $89

d. Account Debit Credit Notes ReceivableDame Company $3,663 Accounts ReceivableDame Company $3,663

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Q

Consider a 9 × 9 Sudoku, where each number appears exactly once in each row and exactly...

Basic Math
Q

Using the data provided in the excel file, show all of your work for the following...

Chemistry
Q

Organizational Structure and design. Explain The various types organizational structural options

General Management
Q

Individual pathogenic microbial cells are recognized by the binding of Select using PRRs to Select...

Biology
Q

at is the MIC shown by this Etest for antibiotic susceptibility E VA 256 192...

Biology
Q

In the circuit shown in the figure the symbols have their usual meaning only one...

Physics
Q

Let A be an invertible matrix and ? be an eigenvalue of A. Prove,...

Geometry
Q

Let z 2 2 2 2i a Compute the modulus of z 4 b Compute...

Algebra
Q

The following figures are available from Company ABCs Income Statement and Balance Sheet at the...

Accounting
Q

Please be fast solve as early as possible Specific events that upon completion...

Accounting
Q

A. Please prepare the Balance Sheets & Variance column for the comparative years by: ...

Accounting
Q

Mike's is from Mexico and has lived with his aunt and uncle in the U.S....

Accounting