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On June 1, KK Inc. reaches an agreement with a customer to convert $10,000 of overdue accounts receivable (A/R) to an interest-bearing note. The

On June 1, KK Inc. reaches an agreement with a customer to convert $10,000 of overdue accounts receivable (A/R) to an interest-bearing note. The rate is 12% annually, and all is to be paid off in 6 months. The June 1 entry to record the conversion is: [ Select] [ Select] [ Select]

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