On March 1, 2012, Mack Corporation accepted cash of $10,000 and a six-month, $80,000 interest-bearing note from Gee, Inc., as settlement of an account receivable. Mack has a fiscal year-end of July 31st and Gee paid the principle and the interest on time. Select the appropriate journal entry that reflects the acceptance of the note on March 1, 2012?

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The Answer of On March 1, 2012, Mack Corporation accepted cash of $10,000 and a six-month, $80,000 interest-bearing note from Gee, Inc., as settlement of an account receivable. Mack has a fiscal year-end of July 31st and Gee paid the principle and the interest on time. Select the appropriate journal entry that reflects the acceptance of the note on March 1, 2012?

On March 1, 2012, Mack Corporation Accepted Cash of $10,000