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On November 19, Hayes Company receives a $65,000, 60-day, 10% note from a customer as payment on his account. What adjusting entry should be made
On November 19, Hayes Company receives a $65,000, 60-day, 10% note from a customer as payment on his account. What adjusting entry should be made on the December 31 year-end? a. Debit Interest Receivable $700; credit Interest Revenue $700. b. Debit Interest Receivable $1083; credit Interest Revenue $1083. c. Debit Interest Receivable $758; credit Interest Revenue $758. d. Debit Interest Revenue $758; credit Interest Receivable $758. e. Debit Interest Revenue $1083; credit Interest Receivable $1083.
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