On November 1, Orpheum Company accepted a $11,100, 90-day, 8% note from a customer to...
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Accounting
On November 1, Orpheum Company accepted a $11,100, 90-day, 8% note from a customer to replace an account receivable. What entry should be made by Orpheum on the November 1 to record the acceptance of the note? Multiple Choice Debit Notes Receivable $11,100; credit Cash $11,100. Debit Notes Receivable $11,100; credit Accounts Receivable $11,100. Debit Notes Receivable $11,100; credit Sales $11,100. Debit Notes Receivable $11,322; credit Accounts Receivable $11,100; credit Interest Revenue $222. Debit Sales $11,100; credit Accounts Receivable $11,100
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