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Posted on Aug 05, 2024

On December 1 , 2 0 1 6 , Camp Jupiter Company accepted a $ 4 8 , 0 0 0 , 1 2 0

On December

1, 2016,

Camp Jupiter Company accepted a $

48, 000, 120

day,

8 %

note from a customer in granting an extension to a past due account. Camp Jupiter Company's accounting period ends on December

31,

and the note is collected in full on the due date.

Which one of the following statements will be false for Camp Jupiter Company?

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