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On March 1, 20X5, Curtis Corporation accepted a $20,000, 6 month, 10% note on account from Gloria Lawless. Assume that Gloria defaults on the note
On March 1, 20X5, Curtis Corporation accepted a $20,000, 6 month, 10% note on account from Gloria Lawless. Assume that Gloria defaults on the note on August 31. The entry to reflect the default will include: a. Debit note receivable $21,000. b. Debit accounts receivable $21,000. c. Debit note receivable $20,000. d. Debit accounts receivable $20,000
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