Paper Company receives a $6,000,three-month,6% promissory note from Dame Company in settlement of an open accounts receivable.What entry will Paper Company make upon receiving the note?
A) Notes Receivable, Dame Company 6,000Accounts Receivable, Dame Company 6,000
B) Notes Receivable, Dame Company 6,090Accounts Receivable, Dame Company 6,090
C) Notes Receivable, Dame Company 6,090Accounts Receivable, Dame Company 6,000Interest Revenue 90
D) Notes Receivable, Dame Company 6,000Interest Revenue 90Accounts Receivable, Dame Company 6,000Interest Receivable 90
Correct Answer:
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