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Question - An examination of Hutton Corporation's accounting records indicates that all receivables are being recorded in a single account entitled Receivables. An analysis of the account reveals the following:
Accounts receivable (trade) $15,500
Accounts receivable (officers) $3600
Interest receivable, due in 3 months $675
Advances to employees $1800
Notes receivable (trade), due in 3 years $9000
Deposit to guarantee contract performance $5000
Utility deposit $500
Total $36,075
Required - Prepare a journal entry to separate the preceding items into their proper accounts.
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