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4.Your firm holds a $15,000, 8% note receivable issued on August 1, 20X0. Interest is paid once a year on July 31. On July 31,

4.Your firm holds a $15,000, 8% note receivable issued on August 1, 20X0. Interest is paid once a year on July 31. On July 31, 20X6, you receive the normal interest payment.

a.What adjusting entry must you record December 31, 20X6?

b.If this entry is not recorded, how will it affect your company's financial statements?

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