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On June 1, KK Inc. reaches an agreement with a customer to convert $10,000 of...

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Accounting

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On June 1, KK Inc. reaches an agreement with a customer to convert $10,000 of overdue accounts receivable (A/R) to an interest-bearing note. The rate is 12% annually, and all is to be paid off in 6 months. The June 1 entry to record the conversion is: Select] [Select) Select]

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