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Question 1: On February 1st of the current year a company lends cash and accepts a $12,000 note receivable that offers 10% annual interest and is due in six months. What would the company record on August 1st, when the borrower pays the correct amount owed?
Selected Answer:
A.
Cash $12,000
Interest Receivable 600
Note Receivable $12,600
B.
Notes Receivable $12,000
C.
Cash $12,600
Interest Revenue $ 600
Note Receivable 12,000
D.
Cash $13,100
Interest Revenue 1,200
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