Fourth Company receives a note from a customer for a $6000 sale. On the date of sale, what journal entry did Fourth Company prepare? Ignore cost of goods sold.
A) debit Accounts Receivable for $6000 and credit Sales Revenue for $6000
B) debit Notes Receivable for $6000 and credit Cash for $6000
C) debit Notes Receivable for $6000 and credit Sales Revenue for $6000
D) debit Cash for $6000 and credit Notes Receivable for $6000
Correct Answer:
Verified
Q146: If a company receives a note receivable
Q147: On December 1, the Youngstown Company accepted
Q148: On December 31, 2015, the lender on
Q149: The maturity value of a $53,000 note
Q150: If the interest rate on a note
Q152: Accounts receivable can be sold to a
Q153: A factor earns revenue by paying a
Q154: Following are key terms relating to notes
Q155: The maturity value of a 6 month,
Q156: When a company factors its receivables, accounts
Unlock this Answer For Free Now!
View this answer and more for free by performing one of the following actions
Scan the QR code to install the App and get 2 free unlocks
Unlock quizzes for free by uploading documents