Martinez & Co. accepted a $50,000, 8%, 90-day note receivable for services rendered to a...
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Accounting
Martinez & Co. accepted a $50,000, 8%, 90-day note receivable for services rendered to a client. Thirty days later Martinez & Co. discounted the note at a bank at 10%. The entry to record the proceeds from the sales of the note would include a
a.
credit to notes receivable for $50,000
b.
debit to cash for $51,000
c.
credit to interest receivable for $333
d.
debit to loss from discounting of note $150
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