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    College Accounting Study Set 1
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    Exam 14: Notes Receivable and Notes Payable
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    Davis Law Firm Is Borrowing $15,000 at 10% Interest for One
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Davis Law Firm Is Borrowing $15,000 at 10% Interest for One

Question 51

Question 51

Multiple Choice

Davis Law Firm is borrowing $15,000 at 10% interest for one year.The $15,000 is the:


A) principal.
B) proceeds.
C) amount of interest.
D) net amount.

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