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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 $126,440. The note is

On August 1, 2013, Ace Corporation accepted a note receivable in place of an outstanding accounts receivable in the amount of $126,440. The note is due in 90 days and has an interest rate of 7%. What would be the appropriate journal entry to record the receipt of cash at the maturity date?

rev: 04_09_2015_QC_CS-12793

Notes Receivable 126,440
Interest Revenue 2,212.70
Cash 128,652.70
Cash 126,440
Interest Receivable 2,212.70
Notes Receivable 128,652.70
Cash 126,440
Notes Receivable 126,440
Cash 128,652.7
Interest Revenue 2,212.70
Notes Receivable 126,440
Notes Receivable 126,440
Accounts Receivable 126,440

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