On January 1, a customer asked your company to convert the $200,000 they owe to a promissory

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On January 1, a customer asked your company to convert the $200,000 they owe to a promissory note. The $200,000 principal, plus 8% interest will be due in six months.

What is the entry when the note is paid if your company has a year-end of December 31?

Related Book For answer-question

Fundamentals of Financial Accounting

ISBN: 978-1259864230

6th edition

Authors: Fred Phillips, Robert Libby, Patricia Libby

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Posted Date: May 06, 2023 12:10 AM

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On January 1, a customer asked your company to convert the $200,000 they owe to a promissory

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Assuming that the customer paid the full amount of the promissory note on the ... View the full answer

Fundamentals of Financial Accounting

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