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On November 19, Nicholson Company receives a $15,000, 60-day, 10% note from a customer to replace an account receivable. What adjusting entry should be made
On November 19, Nicholson Company receives a $15,000, 60-day, 10% note from a customer to replace an account receivable. What adjusting entry should be made by Nicholson on the December 31 year-end? (Use 360 days a year.) Multiple Choice Debit Notes Receivable $175; credit Interest Receivable $175. Debit Interest Revenue $250; credit Interest Receivable $250. Debit Interest Receivable $75; credit Interest Revenue $75. Debit Interest Receivable $175; credit Interest Revenue $175. Debit Notes Receivable $175; credit Interest Revenue $175
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