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Ross,immediately After Receiving a Note from a Customer,discounted It at the Bank

Question 70

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Ross,immediately after receiving a note from a customer,discounted it at the bank and received the proceeds.Ross's entry on his books would be to:


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

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