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On November 1, Year 1, Salem Corporation sold land priced at $600,000 in exchange for a 5%, six-month note receivable. The journal entry made by
On November 1, Year 1, Salem Corporation sold land priced at $600,000 in exchange for a 5%, six-month note receivable.
The journal entry made by Salem to record this transaction on November 1, Year 1, includes:
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A debit to Interest Receivable of $15,000.
A credit to Interest Revenue of $15,000.
A debit to Notes Receivable of $600,000.
A debit to Notes Receivable of $615,000
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Concept Audits A Philosophical Method
Authors: Nicholas Rescher
1st Edition
1498540392, 978-1498540391
