On November 1, Orpheum Company accepted a $10,000, 90-day, 8% note from a customer settle...
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Accounting
On November 1, Orpheum Company accepted a $10,000, 90-day, 8% note from a customer settle an account. What entry should be made on the November 1 to record the note acceptance?
A- Debit Note Receivable $10,000; credit Cash $10,000. B- Debit Note Receivable $10,000; credit Accounts Receivable $10,000. C- Debit Note Receivable $10,000; credit Sales $10,000. D- Debit Cash $10,000; credit Sales $10,000. E- Debit Sales $10,000; credit Accounts Receivable $10,000.
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