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$46,550 increase.
$48,000 increase.
15-
Multiple Choice Question 142
A 5%, 120-day note receivable is received from a customer to
settle an existing account receivable of $75,000. Assuming a 360
day year, the accounting entry for acquisition of the note will
include a
debit to Notes Receivable for $75,000 and no entry for interest.
debit to Notes Receivable for $76,250.
debit to Notes Receivable for $78,720.
credit to Interest Revenue for $1,250.
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ACC 557 Week 6 Chapter 9 (E9-9, E9-11, E9-12, P9-3A)
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ACC 557 Week 6 Chapter 9 (E9-9, E9-11, E9-12, P9-3A)
E9-9: Presented below are selected transactions at Tomas
Company for 2014.
Journalize all entries required on the above dates, including
entries to update depreciation, where applicable, on assets