On November 1, Orpheum Company accepted a $12,000, 90-day, 10% note from a customer to replace an account receivable. What entry should be made by Orpheum on the November 1 to record the acceptance of the note? Multiple Choice Debit Notes Receivable $12,000; credit Cash $12,000. Debit Notes Receivable $12,000; credit Accounts Receivable $12,000. Debit Notes Receivable $12,000; credit Sales $12,000. Debit Notes Receivable $12,300; credit Accounts Receivable $12,000; credit Interest

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TB MC Qu. 07-137 (Algo) On November 1, Orpheum Company accepted...
On November 1, Orpheum Company accepted a $12,000, 90-day, 10% note from a customer to replace an
account receivable. What entry should be made by Orpheum on the November 1 to record the acceptance of
the note?
Multiple Choice
ces
Debit Notes Receivable $12,000; credit Cash $12,000.
Debit Notes Receivable $12,000; credit Accounts Receivable $12,000.
Debit Notes Receivable $12,000; credit Sales $12,000.
Debit Notes Receivable $12,300; credit Accounts Receivable $12,000; credit Interest
Dovonue t200
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Transcribed Image Text:TB MC Qu. 07-137 (Algo) On November 1, Orpheum Company accepted... On November 1, Orpheum Company accepted a $12,000, 90-day, 10% note from a customer to replace an account receivable. What entry should be made by Orpheum on the November 1 to record the acceptance of the note? Multiple Choice ces Debit Notes Receivable $12,000; credit Cash $12,000. Debit Notes Receivable $12,000; credit Accounts Receivable $12,000. Debit Notes Receivable $12,000; credit Sales $12,000. Debit Notes Receivable $12,300; credit Accounts Receivable $12,000; credit Interest Dovonue t200 < Prev 13 of 20 Next 1,069 15 tv MacBook Air 80 F3 DD F2 F4 F5 F6 F7 F8 F9 %23 %24 & 3 4 7 8. W R T Y < co
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