Marigold Corp. receives a $9300, 3-month, 8% promissory note from Blossom Compan
ID: 2488543 • Letter: M
Question
Marigold Corp. receives a $9300, 3-month, 8% promissory note from Blossom Company in settlement of an open accounts receivable. What entry will Marigold Corp. make upon receiving the note?
Notes Receivable
9486
Accounts Receivable-Blossom Company
9486
Notes Receivable
9486
Accounts Receivable-Blossom Company
9300
Interest Revenue
186
Notes Receivable
9300
Accounts Receivable-Blossom Company
9300
Notes Receivable
9300
Interest Receivable
186
Accounts Receivable-Blossom Company
9300
Interest Revenue
186
Notes Receivable
9486
Accounts Receivable-Blossom Company
9486
Explanation / Answer
Following journal entry should be passed :
Notes Receivable
9300
Interest Receivable
186
Accounts Receivable-Blossom Company
9300
Interest Revenue
186
Notes Receivable
9300
Interest Receivable
186
Accounts Receivable-Blossom Company
9300
Interest Revenue
186