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Paper Company receives a $4,598, three-month, 3% promissory note from Dame Company in settlement of an open accounts receivable. What entry will Paper Company make upon receiving the note

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Answer and Explanation:

The journal entry that should be recorded at the time of receiving the note is given below:

Notes Receivable - Dame Company $3,164  

      To Accounts Receivable - Dame Company  $3,164

(Being the receiving of the note is recorded)

Here the note receivable is debited as it increased the assets and credited the account receivable as it decreased the assets

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