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What entry is required in the company accounts

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Reference no: EM132959037

Problem 1: Accompanying the bank statement was a credit memo for a short-term note collected by the bank for the customer. What entry is required in the company's accounts?

Option 1: debit Notes Receivable; credit Cash

Option 2: debit Cash; credit Miscellaneous Income

Option 3: debit Cash; credit Notes Receivable and Interest Revenue

Option 4: debit Accounts Receivable; credit Cash

Reference no: EM132959037

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