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On November 1, 2010 Salem Corporation sold land priced at $900,000 in exchange for a 6% six month note receivable. The journal entry made by
On November 1, 2010 Salem Corporation sold land priced at $900,000 in exchange for a 6% six month note receivable. The journal entry made by salem to record tis transaction on November 1, 2010 includes a. A debit to notes receivable of $927,000. b. A debit to interest receivable of $27,000 c. a debit to notes receivable of $900,000. d. A credit to Interest revenue of $27,000.
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