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Home Q & A Board Other Fields Homework Help Business Accounting
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upton upton
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6 years ago
Straight Company sold merchandise to Cross Company and received a promissory note from Cross. Straight should record the transaction as:
A) debit Notes Receivable and credit Sales for the maturity value of the note.
B) debit Accounts Receivable and credit Sales for the maturity amount of the note.
C) debit Accounts Receivable and credit Sales for the principal amount of the note.
D) debit Notes Receivable and credit Sales for the principal amount of the note.
Textbook 
College Accounting: A Practical Approach

College Accounting: A Practical Approach


Edition: 13th
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LaffioLaffio
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6 years ago
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