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When a promissory note is sued to replace an outstanding accounts receivable balance, the entry to record this transaction requires a?

Respuesta :

Debit to notes receivable.

Is note receivable a debit or credit?

Debit

  • The normal balance of notes receivable is a debit. Like all assets, debits increase notes receivable and credits reduce them.
  • The credit instrument normally requires the debtor to pay interest and extends for time periods of 30 days or longer.

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