On November 1,Orpheum Company accepted a $10,000,90-day,8% note from a customer settle an account.What entry should be made on the November 1 to record the acceptance of the note?
A) Debit Note Receivable $10,000; credit Cash $10,000.
B) Debit Note Receivable $10,000; credit Accounts Receivable $10,000.
C) Debit Note Receivable $10,000; credit Sales $10,000.
D) Debit Note Receivable $10,200; credit Accounts Receivable $10,000; credit Interest Revenue $200.
E) Debit Sales $10,000; credit Accounts Receivable $10,000.
Correct Answer:
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