Subject - account Please help me. Thankyou. Question Content AreaPaper Company receives a $4,769, 3-month, 7% promissory note from Dame Company in settlement of an open accountreceivable. What entry will Paper Company make upon receiving the note?a.AccountNotes Receivable-Dame Company $4,769b.C.Accounts Receivable-DameCompanyAccountNotes Receivable-Dame Company $4,852d.Accounts Receivable-DameCompanyAccountNotes Receivable-Dame Company $4,852Accounts Receivable-DameDebit CreditCompanyInterest RevenueInterest RevenueAccounts Receivable-DameCompanyInterest ReceivableDebit CreditAccountNotes Receivable-Dame Company $4,769$83$4,769$4,852Debit Credit$4,769$83Debit Credit$4,769$83

Journal Entry: Journal entry is the act of keeping records of transactions in an accounting journal.…

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. Accounts Receivable-Dame Company d. Account Notes Receivable-Dame Company $4,852 Accounts Receivable-Dame Company Account Notes Receivable-Dame Company $4,852 Accounts Receivable-Dame Debit Credit Company Interest Revenue Interest Revenue Accounts Receivable-Dame Debit Credit Company Interest Receivable $4,769 Account Notes Receivable-Dame Company $4,769 $83 $4,852 Debit Credit $4,769 $83 Debit Credit $4,769 $83

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. Accounts Receivable-Dame Company d. Account Notes Receivable-Dame Company $4,852 Accounts Receivable-Dame Company Account Notes Receivable-Dame Company $4,852 Accounts Receivable-Dame Debit Credit Company Interest Revenue Interest Revenue Accounts Receivable-Dame Debit Credit Company Interest Receivable $4,769 Account Notes Receivable-Dame Company $4,769 $83 $4,852 Debit Credit $4,769 $83 Debit Credit $4,769 $83

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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