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On its bank reconciliation for September, Maple Corp. noted that its bank collected on a note receivable due from one of Maple's customers. A total
On its bank reconciliation for September, Maple Corp. noted that its bank collected on a note receivable due from one of Maple's customers. A total of $1,000 was collected. Of the amount collected, $950 represented the principal on the note, and $50 represented interest. Question: In Maple Corp.'s month-end journal entry to record this reconciling item, which of the following is true? Select one: a. The "Note Receivable" account should be credited for $950. b. The "Note Receivable" account should be debited for $1,000. c. The "Note Receivable" account should be debited for $950. d. The "Note Receivable" account should be credited for $1,000
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