"On October 1, 2012, ABC Company issues a 5 month note receivable to moreams Inc....
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Accounting
"On October 1, 2012, ABC Company issues a 5 month note receivable to moreams Inc. at an annual interest rate of 18%. Principle and interest will be paid at the end of the 5 months. The note was recorded in Notes Receivable and is the only note outstanding"
What would be the ADJUSTING ENTRY for this? It was debited for $4,000..
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