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Alanis Company holds Morissette Inc.'s 60 day, 12%, $1,000 note. When Alanis receives the payment from Morissette for the full amount due, Alanis will (select
Alanis Company holds Morissette Inc.'s 60 day, 12%, $1,000 note. When Alanis receives the payment from Morissette for the full amount due, Alanis will (select all that apply): (Assume a 360 day year).
Question 4 options:
Debit Notes Receivable for $1,000 | |
Credit Interest Revenue for $20 | |
Credit Interest Revenue for $120 | |
Debit Cash for $1,020 | |
Credit Notes Receivable for $1,020 |
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