Paper Company receives a $3,164, 3-month, 3% promissory note from Dame Company i

Question

Paper Company receives a $3,164, 3-month, 3% promissory note from Dame Company in settlement of an open accounts receivable. What entry will Paper Company make upon receiving the note? Select the correct answer. Notes Receivable—Dame Company $3,188 Accounts Receivable—Dame Company $3,188 Notes Receivable—Dame Company $3,164 Accounts Receivable—Dame Company $3,164 Notes Receivable—Dame Company $3,188 Accounts Receivable—Dame Company $3,164 Interest Revenue $24 Notes Receivable—Dame Company $3,188 Interest Receivable $24 Accounts Receivable—Dame Company $3,164 Interest Receivable $24

Explanation / Answer

General Journal Debit Credit Notes Receivable—Dame Company $3,164 Accounts Receivable—Dame Company $3,164

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