Additional Time Given to the Payee to Settle an Account

question 45

Multiple Choice

Additional time given to the payee to settle an account with issuance of a note, results in a transfer of:

• A) assets from Notes Receivable to Accounts Receivable.
• B) assets from Accounts Receivable to Notes Receivable.
• C) liabilities from Notes Payable to Accounts Payable.
• D) liabilities from Accounts Payable to Notes Payable.

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