Valley Spa purchased $8,000 in plumbing components from Tubman Co. Valley Spa signed a 60-day, 12% promissory note for $8,000. If the note is dishonored, but Tubman intends to continue collection...

Extracted text: Valley Spa purchased $8,000 in plumbing components from Tubman Co. Valley Spa signed a 60-day, 12% promissory note for $8,000. If the note is dishonored, but Tubman intends to continue collection efforts, what is the journal entry to record the dishonored note? (Use 360 days a year.) Multiple Choice Debit Accounts Receivable $8,160; debit Bad Debt Expense $160; credit Notes Recelveble $8,000 Debit Bad Debt Expense $8,160; credit.Accounts Recelvable $8,160. Debit Bad Debt Expense $8,000; credit Notes Receiveble $8,000. Debit Accounts Receivable-Valley Spa $8,000; crecit Notes Receivable $8,000. Debit Accounts Receivable-Valley Spe $8.160, credit interest Revenue $160, credit Notes Recevable $8,000 Prey 10 of 10