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Incorrect Question 9 0/2 pts Peabody Co. accepted a $4,800, 90-day, 10% note from Sherman Supply on October 17. What entry should Peabody Co. make
Incorrect Question 9 0/2 pts Peabody Co. accepted a $4,800, 90-day, 10% note from Sherman Supply on October 17. What entry should Peabody Co. make on February 11 of the next year when the note is paid? (Use 360 days a year.) Debit Notes Receivable $4,800; debit Interest Receivable $120; credit Sales $4,920. Debit Cash $4,920; credit Notes Receivable $4,920. Debit Cash $4,920; credit Interest Revenue $100; credit Interest Receivable $20; credit Notes Receivable $4,800. Debit Cash $4,920; credit Interest Revenue $60; credit Interest Receivable $60; credit Notes Receivable $4,800. Debit Cash $4,920; credit Interest Revenue $120; credit Notes Receivable $4,800
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