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On June 1st National Industries accepts a 56,000, 60-day, 8% promissory note written by Morgan Incorporated to settle an open account. What accounting entries should

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On June 1st National Industries accepts a 56,000, 60-day, 8% promissory note written by Morgan Incorporated to settle an open account. What accounting entries should National make on June 11" to record acceptance of this note? Notes Receivable debit of $6.080; Accounts Receivable --Morgan Incorporated credit of $6,080 Notes Receivable debit of $6.000; Accounts Receivable-Morgan Incorporated credit of $6,000 Notes Receivable credit of $6,080, Accounts Receivable-Morgan Incorporated debit of $6,080 Notes Receivable credit of $6,000, Accounts Receivable-Morgan Incorporated debit of $6,000

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