On november 1 orpheum company accepted a 10000 90-day 8, Ask an Expert

Accounting

On November 1, Orpheum Company accepted a $10,000, 90-day, 8% note from a customer settle an account. What entry should be made on the November 1 to record the note acceptance?

A- Debit Note Receivable $10,000; credit Cash $10,000.

B- Debit Note Receivable $10,000; credit Accounts Receivable $10,000.

C- Debit Note Receivable $10,000; credit Sales $10,000.

D- Debit Cash $10,000; credit Sales $10,000.

E- Debit Sales $10,000; credit Accounts Receivable $10,000.

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Financial Accounting, Accounting

Category:- Financial Accounting
Reference No.:- M91525399

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