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On June 1,2018,Jensen Company acquired an 8%,ten-month note receivable from a customer in settlement of an existing account receivable of $130,000.Interest and principal are due at maturity.
-Jensen's entry to record the collection of this note at maturity includes a:
A) Credit to Interest Receivable of $6,067.
B) Credit to Interest Revenue of $6,067.
C) Credit to Interest Receivable of $2,600.
D) Credit to Notes Receivable of $140,400.
Correct Answer:
Verified
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