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On June 1, Year 1, O Neil Inc, ocquired an 6.8%, ten-month note receivable from a custamer in settlement of an existing account receivable of

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On June 1, Year 1, O Neil Inc, ocquired an 6.8%, ten-month note receivable from a custamer in settlement of an existing account receivable of $300,000 Interest and principal are due at maturity. The proper adjusting entry at December 31 , Year 1 , with regard to this note receivable includes a: Multiple Choice: Credit to Interest Revenue of $20,400 Debit to interest Recelvable of $11,900 Debit to Notes Recetvable of $20,400 Debit to Castr of $11900

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