A company accepted a 60-day, 15 percent note having a face value of $2,000 from...
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Accounting
A company accepted a 60-day, 15 percent note having a face value of $2,000 from Ron Warren in settlement of his account receivable. The note was dishonored at maturity. The correct entry on the books of the company to record the default on the note is:
a)Accounts Receivable 2,050 Notes Receivable 2,000 Interest Revenue 50
b) Notes Payable 2,000 Accounts Payable 2,000
c) Dishonored Notes Receivable 2,300 Notes Receivable 2,000 Interest Revenue 300
d) Dishonored Notes Receivable 2,050 Notes Receivable 2,050
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