Problem - Vaughn Manufacturing receives a $10400, 6-month, 6% promissory note from Wildhorse Co. in settlement of an open accounts receivable. What entry will Vaughn Manufacturing make upon receiving the note?
Notes Receivable 10400
Accounts Receivable-Wildhorse Co. 10400
Notes Receivable 10712
Accounts Receivable-Wildhorse Co. 10400
Interest Revenue 312
Notes Receivable 10712
Accounts Receivable-Wildhorse Co. 10712
Notes Receivable 10400
Interest Receivable 312
Accounts Receivable-Wildhorse Co. 10400
Interest Revenue 312