The Journal Entry to Record a Note Received from a Customer

question 33

Multiple Choice

The journal entry to record a note received from a customer to replace an account is

• A) debit Notes Receivable; credit Accounts Receivable
• B) debit Accounts Receivable; credit Notes Receivable
• C) debit Cash; credit Notes Receivable
• D) debit Notes Receivable; credit Notes Payable

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Definitions:

Partially Valid

Refers to something being correct or effective only to a certain extent or in specific circumstances.

Economic Argument

a reasoned discourse or debate that involves the analysis of economic principles, policies, or outcomes.

Import Restrictions

Measures implemented by a country to control the quantity of goods coming into the country from abroad, which can include tariffs, quotas, and other barriers.

Foreigners

Individuals or entities from one country who are not natives or do not possess citizenship in the host country.