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Entity G lent a customer $15,000 on a one-year note, at 7% interest, with interest and principal due at maturity. The customer dishonored the note
Entity G lent a customer $15,000 on a one-year note, at 7% interest, with interest and principal due at maturity. The customer dishonored the note but Entity G expects eventual collection of all amounts due and owing. Entity G should:
A) write-off the face value of the note.
B) transfer the amount due (principal and interest) to accounts receivable.
C) transfer only the principal amount to accounts receivable.
D) do nothing.
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