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