DonCo, Inc. sold merchandise on January 14, and accepted a 90-day, 5% promissory note in the amount of $5,000. On January 14, the entry to record this transaction would include a debit to .

debit to Notes receivable account in the amount of $5000

Explanation:

THE debit of $5000 goes to the Notes receivable account because the interest rate is note considered but the interest rate is been considered later when the payment of the promissory note is due.

The Notes Receivable account is used to record transaction made which are neither cash nor Credit but are done with promissory notes. promissory notes transaction cannot be recorded under accounts receivables  debited or under cash receivable accounts debited

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