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RecRoom Equipment Company received an $8,000, six-month, 6 percent note to settle an $8,000 unpaid balance owed by a customer. a. The note is accepted
RecRoom Equipment Company received an $8,000, six-month, 6 percent note to settle an $8,000 unpaid balance owed by a customer. |
a. | The note is accepted by RecRoom on November 1, causing the company to increase its Notes Receivable and decrease its Accounts Receivable. |
b. | RecRoom adjusts its records for interest its earned to its December 31 year-end. |
c. | RecRoom receives the interest on the note's maturity date. |
d. | RecRoom receives the principal on the note's maturity date. |
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