Assume That on December 1,a Note Which Has a Face $\begin{array}{l}\text { Notes receivable }&1,000 \\\text { Cash }&&1,000\end{array}$

question 150

Multiple Choice

Assume that on December 1,a note which has a face value of $1,000,bears interest at 6 percent for 90 days,received from a customer as an extension of his of past - due account is honored on due date.The entry that would be made to record the receipt on due date (ignoring interest) is:

• A)
• \(\begin{array}{l}
• \text { Notes receivable }&1,000 \\
• \text { Cash }&&1,000
• \end{array}\)
• B)
• \(\begin{array}{llr}
• \text { Accounts receivable } &1,000\\
• \text { Cash } &&1,000\\
• \end{array}\)
• C)
• \(\begin{array}{cc}
• \text { Accounts receivable } & 1,000 \\
• \text { Notes receivable } && 1,000
• \end{array}\)
• D)
• \(\begin{array}{llr}
• \text { Cash} &1,000\\
• \text { Notes receivable } &&1,000\\
• \end{array}\)

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