a-company-converts-a-10000-account-receivable-into-a-note-receivable-what-is-the

Question

A company converts a $10,000 account receivable into a note receivable. What is the journal entry?

Accepted Answer

Debit Notes Receivable $$10,000; Credit Accounts Receivable 10$$,000

Answer

Debit Accounts Receivable $$10,000; Credit Notes Receivable 10$$,000

Answer

Debit Notes Receivable $$10,000; Credit Cash 10$$,000

Answer

Debit Cash $$10,000; Credit Notes Receivable 10$$,000

A company converts a \$10,000 account receivable into a note receivable. What is the journal entry?