Question: ABC Accepted a 90 day, 8%, $50,000 Note Receivable from from a customer to replace an Account Receivable. The note matured and ABC received $50,500

ABC Accepted a 90 day, 8%, $50,000 Note Receivable from from a customer to replace an Account Receivable. The note matured and ABC received $50,500 at maturity. Record the entry for the collection of the note receivable.

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