Nash's Trading Post, LLC receives a $9000, 3-month, 6% promissory note from Concord Corporation in settlement of an open accounts receivable. What entry will Nash's Trading Post, LLC make upon receiving the note? Notes Receivable 9000   Interest Receivable 135     Accounts Receivable-Concord Corporation   9000   Interest Revenue   135 Notes Receivable 9135     Accounts Receivable-Concord Corporation   9135 Notes Receivable 9000     Accounts Receivable-Concord Corporation   9000 Notes Receivable 9135     Accounts Receivable-Concord Corporation   9000   Interest Revenue   135

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A:

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Cash Book

So, before coming to the topic of cash books, I will let you briefly explain about the cash so that you all can be familiar with the word cash. Cash comes under the category of the current asset which is used as a medium of exchange for all the financial transactions in the firm. Cash is something that is universally accepted as a mode of payment. So, now comes to the topic i.e., cash book.