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On March 1, 2012, Mack Corporation accepted cash of $10,000 and a six-month $80,000 interest-bearing note from Gee, Inc., as settlement of an account receivable.

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On March 1, 2012, Mack Corporation accepted cash of $10,000 and a six-month $80,000 interest-bearing note from Gee, Inc., as settlement of an account receivable. Mack has a fisca end of July 31st and Gee paid the principle and the interest on time. Select the appropriate journal entry that reflects the acceptance of the note on March 2012. Accounts Receivable 10,000 Notes Receivable 80,000 Cash 90,000 Accounts Receivable 90,000 Notes Receivable 90,0000 Notes Receivable 90,000 Accounts Receivable 90,000 Cash 10,000 Notes Receivable 90,000 Accounts Receivable 90,000

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