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[The following information applies to the questions displayed below] Husemann Co.'s assets include notes receivable from customers. During fiscal 2016, the amount of notes receivable
[The following information applies to the questions displayed below] Husemann Co.'s assets include notes receivable from customers. During fiscal 2016, the amount of notes receivable averaged $46, 800, and the interest rate of the notes averaged 9.6%. Prepare a horizontal model that accrues the interest income earned from the notes. If the balance in the Interest Receivable account increased by $2.370 from the beginning to the end of the fiscal year, how much interest receivable was collected during the fiscal year? Prepare a horizontal model to show the collection of this amount
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