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7. A company receives interest on a $40,000, 8%, 5-year note receivable each April 1. At December 31, 2020, the following adjusting entry was made

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7. A company receives interest on a $40,000, 8%, 5-year note receivable each April 1. At December 31, 2020, the following adjusting entry was made to accrue interest receivable: Interest Receivable ................ 2,400 Interest Revenue ........ 2,400

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