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On October 1, Year 1 Shoe World received a $10,000, 120-day note from a customer. The note earns 10% interest per year. What is the

On October 1, Year 1 Shoe World received a $10,000, 120-day note from a customer. The note earns 10% interest per year. What is the amount recorded at December 31, Year 1, the company's year-end, and which financial statements would be affected by the entry? (Assume no other entries to record interest have been made.) $250, Income Statement and Balance Sheet $333, Income Statement and Balance Sheet $250, Balance Sheet only $333, Balance Sheet only No entry because interest is not due until the end of January.

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