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Valley Spa purchased $11,700 in plumbing components from Tubman Co. Valley Spa Studios signed a 60-day, 10% promissory note for $11,700. If the note is dishonored, what is the journal entry to record the dishonored note? (Use 360 days a year.)

Debit Bad Debt Expense $11,700; credit Notes Receivable $11,700.

Debit Accounts Receivable—Valley Spa $11,895, credit Interest Revenue $195; credit Notes Receivable $11,700.

Debit Accounts Receivable $11,700; debit Bad Debt Expense $195; credit Notes Receivable $11,895.

Debit Accounts Receivable—Valley Spa $11,700; credit Notes Receivable $11,700.

Debit Bad Debt Expense $11,895; credit Accounts Receivable $11,895.

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Financial Management, Finance

Category:- Financial Management
Reference No.:- M92408636

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