The entry to convert an accounts receivable to a note receivable involves: Select one: a. A...

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The entry to convert an accounts receivable to a note receivable involves: Select one: a. A...

The entry to convert an accounts receivable to a note receivable involves:

Select one:

a. A debit to Accounts Receivable and a credit to Note Payable

b. A debit to Note Receivable and a credit to Accounts Receivable

c. A debit to Note Payable and a credit to Accounts Receivable

d. A debit to Note Receivable and a credit to Note Payable

business accounting

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Answer 1

Answer #1

Answer : B) A Debit to Note Receivables and a Credit to Accounts Receivables

IF accounts Receivables are Converted into Notes Receivables, Notes Receivables are Raised so it will be debited and the Accounts Receivables Account will be Closed so Accounts receivables will be credited

DEBIT: Notes Receivables

CREDIT: Accounts Receivables

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Answer 2

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