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On October 14, 2018, you converted a $5,000 account receivable into a note receivable. The terms of the note called for an interest rate of

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On October 14, 2018, you converted a $5,000 account receivable into a note receivable. The terms of the note called for an interest rate of 6% and both principal and interest to be paid at the end of six months. Provide the necessary journal entry on October 1, 2018 3 A- R T / Account Debit Credit 1

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