On March 5, Oak Corp. provided services on account to Pine. Oak initially recorded this as an account receivable but it later became apparent Pine could not pay quickly so Oak required Pine to sign a $100,000, 12%, 2-month interest-bearing note. The journal entry required by Oak when Pine signs the note includes
Debit Notes Receivable $100,000; credit Accounts Receivable $100,000.
Debit Notes Receivable $100,000; credit Service Revenue $100,000.
Debit Notes Receivable $102,000; credit Service Revenue $102,000.
Debit Notes Receivable $102,000; credit Accounts Receivable $102,000.
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