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On August 1, 2019, Rose Corporation lent $20,000 cash by issuing a 6-month, 6% note receivable. The note matures on February 1, 2020 in which

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On August 1, 2019, Rose Corporation lent $20,000 cash by issuing a 6-month, 6% note receivable. The note matures on February 1, 2020 in which both principal and interest are due Rose Corporation's year-end is December 31, 2019. Adjusting entries are recorded at the end of the year. The journal entry Rose Corporation will record on the note's maturity date, February 1, 2020, will credit Interest Receivable for $500 True False

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