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On April 1, 2px0, your company finanances partial payment of the sale of machinery to a customer for $20,000, 3-year, 8% note receivable. Interest is
On April 1, 2px0, your company finanances partial payment of the sale of machinery to a customer for $20,000, 3-year, 8% note receivable. Interest is payable annually on April q. On December 31, 20xp, an adjusting entry debits interest receivable and credits interest revenue for $1,600. The entry necessary to correct the error before the books are closed would include
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