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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 $163,565 The note is

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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 $163,565 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

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