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On December 1, 2019, Angelo Company accepted a $40,000, 6%, 90-day note receivable for services rendered to a client. Assume the correct adjusting journal entry
On December 1, 2019, Angelo Company accepted a $40,000, 6%, 90-day note receivable for services rendered to a client. Assume the correct adjusting journal entry is made at the end of the accounting period on December 31, 2019. The journal entry to record the proceeds from the note at maturity will not include a credit to interest revenue for $400 credit to notes receivable for $40,000 credit to interest receivable for $200 O debit to cash for $42,400
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