A company received a $15,000, 90-day, 10% note receivable. The journal entry to record receipt of the note in the payee records includes a debit to Notes Receivable.

Question

Quizplus · Accepted Answer

When a company receives a note receivable, it is recorded as a debit to Notes Receivable and a credit to the account of the party who issued the note (usually Accounts Receivable).

A Company Received a $15,000, 90-Day, 10% Note Receivable