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

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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 transactions in the firm. Cash is something that is universally accepted as a mode of payment. So, now comes to the topic i.e., cash book.