View the step-by-step solution to: C. credit Notes Receivable for the maturity value of the note.

C. credit Notes Receivable for the maturity value of the note. D. credit Notes Receivable for the face value of the note. ANS: B DIF: Easy OBJ: 09-06 NAT: AACSB Analytic | AICPA FN-Measurement 63. Pane Company receives a $3,000, 3-month, 6% promissory note from Dag Company in settlement of an open accounts receivable. What entry will Pane Company make upon receiving the note? A. Notes Receivable 3,000 Accounts Receivable--Dag Company 3,000 b. Notes Receivable 3,045 Accounts Receivable--Dag Company 3,045 c. Notes Receivable 3,045 Accounts Receivable--Dag Company 3,000 Interest Revenue 45 d. Notes Receivable 3,000 Interest Receivable 45 Accounts Receivable--Dag Company 3,000 Interest Revenue 45 ANS: A DIF: Easy OBJ: 09-06 NAT: AACSB Analytic | AICPA FN-Measurement 64. The maturity value of a $20,000, 9%, 40-day note receivable dated July 3 is a. $20,000. B. $20,200. C. $21,800. D. $22,000.
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