Novak Corp. receives a $11400, 9-month, 8% promissory note from Kingbird, Inc. in settlement of an...
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Novak Corp. receives a $11400, 9-month, 8% promissory note from Kingbird, Inc. in settlement of an open accounts receivable. What entry will Novak Corp. make upon receiving the note? Notes Receivable Accounts Receivable- Kingbird, Inc. O Notes Receivable Interest Receivable Accounts Receivable- Kingbird, Inc. Interest Revenue Notes Receivable 12084 11400 684 11400 12084 11400 684 Novak Corp. receives a $11400, 9-month, 8% promissory note from Kingbird, Inc. in settlement of an open accounts receivable. What entry will Novak Corp. make upon receiving the note? Notes Receivable Accounts Receivable- Kingbird, Inc. O Notes Receivable Interest Receivable Accounts Receivable- Kingbird, Inc. Interest Revenue Notes Receivable 12084 11400 684 11400 12084 11400 684
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Using Financial Accounting Information The Alternative to Debits and Credits
ISBN: 978-1133161646
7th Edition
Authors: Gary A. Porter, Curtis L. Norton
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