On January 31, 2022, Face Masks Are Us received $4,680 as payment for two months of accumulated

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On January 31, 2022, Face Masks Are Us received $4,680 as payment for two months of accumulated interest on a note receivable. The interest earned in Dec 20X1 had been correctly accrued and recorded with a Dec 31, 2021 adjusting entry.

What is the journal entry that will be made to record the receipt of the January 31 cash payment ?

Related Book For answer-question

Financial and Managerial Accounting the basis for business decisions

ISBN: 978-0078111044

16th edition

Authors: Jan Williams, Susan Haka, Mark Bettner, Joseph Carcello

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Posted Date: May 11, 2023 07:28 AM

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On January 31, 2022, Face Masks Are Us received $4,680 as payment for two months of accumulated

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Since the interest had already been accrued and recorded ... View the full answer

Financial and Managerial Accounting the basis for business decisions

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