Business, 21.10.2020 16:01 lineaeriksen

On May 1, 2019, Mary Smith signed a promissory note with Continental Bank. The note is due in one year with % interest. What journal entry should Continental Bank prepare on May 1, 2019? a. Debit Cash for $10,000 and credit Notes Payable for $10,000.
b. Debit Notes Receivable for $10,700 and credit Cash for $10,700.
c. Debit Notes Receivable for $10,000 and credit Cash for $10,000.
d. Debit Cash for $10,700 and credit Accounts Receivable for $10,700.

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On May 1, 2019, Mary Smith signed a promissory note with Continental Bank. The note is due in one ye...

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