On November 1, Orpheum Company accepted a $12,400, 90-day, 8% note from a customer to settle his account. What entry should be made on the November 1 to record the acceptance of the note?

Dr Note Receivable $12,400

Cr Accounts Receivable $12,400

Explanation:

Based on the information given we were told that on November 1 the company accepted a note from a customer in order to help settle the customer account of the amount of $12,400 which means that the Journal entry that should be made on the November 1 to record the acceptance of the note will be :

Dr Note Receivable $12,400

Cr Accounts Receivable $12,400

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