Kingbird, Inc. receives a $11000, 9-month, 6% promissory note from Sunland Company in settlement of an open accounts receivable. What entry will Kingbird, Inc. make upon receiving the note

Answer and Explanation:

The journal entry at the time of receiving the note is as follows:

Note receivable Dr $11,000

         To Account receivable $11,000

(Being the note receivable is recorded)

Here the note receivable is debited as it increased the assets and credited the account receivable as it decreased the assets

income statement is prepared in order to show the profits and loss of a business. in order to prepare the income statement she should collect all the income and expenses of the product with the cost of production.

d) social security number

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