Foti Co. accepts a $1,000, 3 month, 12% promissory note in settlement of an account with Bartelt Co. The entry to record this transaction is as follows.
|
a. Notes Receivable |
1,030 |
||
|
Accounts Receivable |
1,030 |
||
|
b. Notes Receivable |
1,000 |
||
|
Accounts Receivable |
1,000 |
||
|
c. Notes Receivable |
1,000 |
||
|
Sales |
1,000 |
||
|
d. Notes Receivable |
1,020 |
||
|
Accounts Receivable |
1,020 |
||