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On August 1, 2013, Ace corporation accepted a note receivable in place of an outstanding accounts receivable in the amount of 128,500. The note is

On August 1, 2013, Ace corporation accepted a note receivable in place of an outstanding accounts receivable in the amount of 128,500. The note is due in 90 days and has an interest rate of 6%. What would be the appropriate journal entry to record the transaction and the receipt of cash at the maturity date ?

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