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If Your Customer Does Not Pay the Note at Maturity,the

Question 53

Multiple Choice

If your customer does not pay the note at maturity,the journal entry on your books would be:


A) debit Notes Payable and credit Accounts Payable.
B) debit Accounts Payable,credit Interest Income and credit Notes Payable.
C) debit Accounts Receivable,credit Interest Income and credit Notes Receivable.
D) debit Notes Receivable,credit Interest Income,and credit Accounts Receivable.

Correct Answer:

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