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Non - interest bearing note receivable ( p . 3 5 5 ) . On December 3 1 , 2 0 x 1 we agree
"Noninterest bearing" note receivable p On December x we agree to sell merchandise in exchange for a $ note due in two years. No specific interest rate is stated but notes of similar duration and risk typically yield The cost of the merchandise is $
Calculate the recognition value of the note receivable.
Prepare all appropriate journal entries. Think about the required entries to record a sale.
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