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On February 1, 2015, Sanger Corp. lends cash and accepts a $8,500 note receivable that offers 12% interest and is due in six months. What
On February 1, 2015, Sanger Corp. lends cash and accepts a $8,500 note receivable that offers 12% interest and is due in six months. What would Sanger record on August 1, 2015, when the borrower pays Sanger the correct amount owed? (Do not round intermediate calculations.)
Cash | 9,010 | |
Interest Revenue | 340 | |
Notes Receivable | 8,670 |
Cash | 8,500 | |
Notes Receivable | 8,500 |
Cash | 9,010 | |
Interest Revenue | 510 | |
Notes Receivable | 8,500 |
Cash | 9,010 | |
Notes Receivable | 9,010 |
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