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On July 31, Peck Company accepted a 90-day note receivable as payment for services provided to Tanglewood Company. The terms of the note were $20,000
On July 31, Peck Company accepted a 90-day note receivable as payment for services provided to Tanglewood Company. The terms of the note were $20,000 face value and 5% interest. On September 30, the journal entry to record the collection of the note should include a
credit to Notes Receivable for $20,300
debit to Interest Receivable for $300
credit to Interest Revenue for $250
debit to Notes Receivable for $20,000
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