Sammy Seafood Supplier receives a $6,000, 3-month, 12% promissory note from Carp Co.in settlement of an open accounts receivable.What entry will Sammy's make upon receiving the note?
A) Notes Receivable...............
Accounts Receivable-Carr Company......
B) Notes Receivable..............
Accounts Receivable-Carr Company......
Interest Revenue.......
C) Notes Receivable.............. 6,000
Interest Receivable............. 180
Accounts Receivable-Carr Company......
Interest Revenue............. 180
D) Notes Receivable.................... 6,000
Accounts Receivable-Carr Company............ 6,000
Correct Answer:
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