Assume That on December 1,a $3,000,90-Day,10 Percent Note Receivable Was $\begin{array}{l}\text { Notes receivable }&3,000 \\\text { Cash }&&3,000\end{array}$

question 123

Multiple Choice

Assume that on December 1,a $3,000,90-day,10 percent note receivable was received from a customer as an extension of his of past - due account.The entry that would be made to record the note is:

• A)
• \(\begin{array}{l}
• \text { Notes receivable }&3,000 \\
• \text { Cash }&&3,000
• \end{array}\)
• B)
• \(\begin{array}{l}
• \text { Notes receivable }& 3,000\\
• \text { Interest Income account }&&3,0000
• \end{array}\)
• C)
• \(\begin{array}{llr}
• \text { Notes receivable } &3,000\\
• \text { Accounts receivable } &&3,000\\
• \end{array}\)
• D)
• \(\begin{array}{l}
• \text { Cash }&3,0000 \\
• \text { Accounts receivable }&&3,000
• \end{array}\)

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