Michael Co. accepts a $1,000, 3 month, 12% promissory note in settlement of an account with Tani Co. The entry to record this transaction is:
|
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 |