FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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Concept explainers

Cash Book
So, before coming to the topic of cash books, I will let you briefly explain about the cash so that you all can be familiar with the word cash. Cash comes under the category of the current asset which is used as a medium of exchange for all the financial…
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Subject - account 

Please help me. 

Thankyou. 

Question Content Area Paper Company receives a $4,769, 3-month, 7% promissory note from Dame Company in settlement of an open account receivable. What entry will Paper Company make upon receiving the note? a. Account Notes Receivable-Dame Company $4,769 b. C. Accounts Receivable-Dame Company Account Notes Receivable-Dame Company $4,852 d. Accounts Receivable-Dame Company Account Notes Receivable-Dame Company $4,852 Accounts Receivable-Dame Debit Credit Company Interest Revenue Interest Revenue Accounts Receivable-Dame Company Interest Receivable Debit Credit Account Notes Receivable-Dame Company $4,769 $83 $4,769 $4,852 Debit Credit $4,769 $83 Debit Credit $4,769 $83
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Transcribed Image Text:Question Content Area Paper Company receives a $4,769, 3-month, 7% promissory note from Dame Company in settlement of an open account receivable. What entry will Paper Company make upon receiving the note? a. Account Notes Receivable-Dame Company $4,769 b. C. Accounts Receivable-Dame Company Account Notes Receivable-Dame Company $4,852 d. Accounts Receivable-Dame Company Account Notes Receivable-Dame Company $4,852 Accounts Receivable-Dame Debit Credit Company Interest Revenue Interest Revenue Accounts Receivable-Dame Company Interest Receivable Debit Credit Account Notes Receivable-Dame Company $4,769 $83 $4,769 $4,852 Debit Credit $4,769 $83 Debit Credit $4,769 $83
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