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Write the journal entry to record receipt of interest on dec

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A note receivable in the amount of $100,000 was signed by a customer. It is a 3 month note dated November 1, 2017. Interest is earned during November and December and was collected on December 31, 2017. The interest rate on the note is 12% per year.

Problem a. Write the journal entry to record the receipt of interest on December 31st.

Problem b. Write the journal entry to record the interest transaction if it was NOT paid on December 31st.

Reference no: EM132976778

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