multiple choice question demonstrate the required adjusting entry needed to record a $1,000 note receivable…

multiple choice question demonstrate the required adjusting entry needed to record a $1,000 note receivable collected by the bank by choosing the correct entry below. debit cash $1,000 and credit accounts receivable $1,000. debit cash $1,000 and credit notes payable $1,000. debit cash $1,000 and credit notes receivable $1,000. debit notes receivable $1,000 and credit cash $1,000.

multiple choice question demonstrate the required adjusting entry needed to record a $1,000 note receivable collected by the bank by choosing the correct entry below. debit cash $1,000 and credit accounts receivable $1,000. debit cash $1,000 and credit notes payable $1,000. debit cash $1,000 and credit notes receivable $1,000. debit notes receivable $1,000 and credit cash $1,000.

Answer

Brief Explanations:

When a bank collects a note receivable, the company's cash increases (debit cash) and the note - receivable balance decreases (credit notes receivable).

Answer:

Debit Cash $1,000 and credit Notes Receivable $1,000.