Answer:
Debit Credit
Note receivable 3,000
Accounts receivable 3,000
Explanation:
In this case the Wainwright company is receiving an asset in the form of note receivable, and we will debit note receivable by 3,000 as an asset is increasing by 3,000 and whenever an asset increases we make a debit entry by the same amount.
Also Wainwright company is receiving this note as a settlement to its account receivable, which means that one of it's asset is decreasing by 3000, and whenever an asset decreases we make a credit entry by the same amount, so in this case we will credit accounts receivable by 3000.
