one of the following statements about promissory notes is incorrect theincorrectstat 616595
Blinka Retailers accepted $50,000 of Citibank Visa credit card charges for merchandise sold on July 1. Citibank charges 4% for its credit card use. The entry to record this transaction by Blinka Retailers will include a credit to Sales Revenue of $50,000 and a debit(s) to:
Cash |
$48,000 |
Service Charge Expense |
$2,000 |
Accounts Receivable |
$48,000 |
Service Charge Expense |
$2,000 |
Cash |
$50,000 |
Accounts Receivable |
$50,000 |
One of the following statements about promissory notes is incorrect. Theincorrectstatement is:
(a)The party making the promise to pay is called the maker.
(b)The party to whom payment is to be made is called the payee.
(c)A promissory note is not a negotiable instrument.
(d)A promissory note is often required from high-risk customers.