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Fourth Company Receives a Note from a Customer for a $6000

Question 161

Multiple Choice

Fourth Company receives a note from a customer for a $6000 sale. On the date of sale, what journal entry did Fourth Company prepare? Ignore cost of goods sold.


A) debit Accounts Receivable for $6000 and credit Sales Revenue for $6000
B) debit Notes Receivable for $6000 and credit Cash for $6000
C) debit Notes Receivable for $6000 and credit Sales Revenue for $6000
D) debit Cash for $6000 and credit Notes Receivable for $6000

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