Question: What journal entry does Taft, Inc. need to make in their accounting records if they accept a $1,500 note receivable in substitution for a past-due

What journal entry does Taft, Inc. need to make in their accounting records if they accept a $1,500 note receivable in substitution for a past-due account receivable? Group of answer choices Debit Notes Receivable $1,500 and Credit Allowance for Doubtful Accounts $1,500. Debit Notes Receivable $1,500 and Credit Cash $1,500. Debit Accounts Receivable $1,500 and Credit Notes Receivable $1,500. Debit Notes Receivable $1,500 and Credit Accounts Receivable $1,500. Debit Notes Receivable $1,500 and Credit Sales $1,500

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