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What adjusting entry must you record december

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Reference no: EM132529209

Question - Your firm holds a $15,000, 8% note receivable issued on August 1, 20X0. Interest is paid once a year on July 31. On July 31, 20X6, you receive the normal interest payment.

Required -

a. What adjusting entry must you record December 31, 20X6?

b. If this entry is not recorded, how will it affect your company's financial statements?

Reference no: EM132529209

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