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On October 1,2022 , a company sold some merchandise to a customer for $50,000. In payment, the company agreed to accept an 8% note requiring
On October 1,2022 , a company sold some merchandise to a customer for $50,000. In payment, the company agreed to accept an 8% note requiring the receipt of interest and principal on June 30, 2023. Assume all correct adjusting entries were made at year end December. 31, 2022. The journal entry on the collection date, June 30,2023 would include a: $2,000 debit to interest revenue $53,000 credit to cash $1,000 credit to interest receivable $3000 credit to interest revenue $1,000 debit to interest payable
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