On December 1, 2024 Songbird Company accepted a three-month, 8% note for $8,000 from one of its customers to settle a past due account receivable. On December 31, 2024, the company made the appropriate year-end adjusting entry for interest. On March 1, 2025, the customer paid Songbird Company the note and interest in full as promised. What journal entry should the company make to record the collection of cash on March 1, 2025?

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To answer this question we will first need to calculate the total amount of interest ... View the full answer