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 be to:
A)debit Cash and credit Notes Payable.
B)debit Cash,credit Interest Income,credit Notes Receivable.
C)debit Cash,debit Interest Expense,and credit Notes Receivable.
D)debit Notes Receivable,credit Cash,and Interest Income.

Question

Quizplus · Accepted Answer

The Answer of 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 be to:
A)debit Cash and credit Notes Payable.
B)debit Cash,credit Interest Income,credit Notes Receivable.
C)debit Cash,debit Interest Expense,and credit Notes Receivable.
D)debit Notes Receivable,credit Cash,and Interest Income.

Ross,immediately After Receiving a Note from a Customer,discounted It at the Bank