Multiple Choice
On November 1, Orpheum Company accepted a $10,000, 90-day, 8% note from a customer to settle a past-due account. What entry should be made on November 1 to record the note acceptance?
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 Cash $10,000; credit Sales $10,000.
E) Debit Sales $10,000; credit Accounts Receivable $10,000.
Correct Answer:
Verified
Correct Answer:
Verified
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