Ross, immediately after receiving a note from a customer, discounted it at the bank and received the proceeds. Ross's entry on his books would include a:
A) credit to Cash.
B) debit to Interest Income.
C) credit to Notes Receivable.
D) All of the above

Question

Quizplus · Accepted Answer

When Ross discounts a note at the bank, he receives cash and removes the note from his books, which requires a credit to Notes Receivable.

Ross, Immediately After Receiving a Note from a Customer, Discounted