On August 1,2013,Ace Corporation Accepted a Note Receivable in Place

question 162

Multiple Choice

On August 1,2013,Ace Corporation accepted a note receivable in place of an outstanding accounts receivable in the amount of $123,965.The note is due in 90 days and has an interest rate of 8%.What would be the appropriate journal entry to record the receipt of cash at the maturity date?

---

Definitions:

VBA Syntax

The set of rules and structure used to write macros and scripts in Visual Basic for Applications, a programming language for Microsoft Office applications.

Bang Notation

A syntax used in VBA and other programming languages to access elements or properties of collections.

Conditional Expression

An expression in programming that evaluates to a value depending on a given condition, typically used in control flow statements.

Macro's Conditional Expression

An expression within a macro that causes actions to be carried out only if specific conditions are met.