Assuming the maker of the note defaults on May 1, 2011 Salem will record on this date.

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Assuming the maker of the note defaults on May 1, 2011 Salem will record on this date.

a. An account receivable in the amount of $900,000 as well as interest expense of $27,000.

b. an account receivable of $900,000 from the maker of the note.

c. An account receivable in the amount of $900,000 as well as interest revenue of $18,000.

d. An account receivable in the amount of $927,000 as well as interest revenue of $18,000.

Posted Date: Nov 19, 2021 12:29 PM

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Assuming the maker of the note defaults on May 1, 2011 Salem will record on this date.

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ANSWER b an account receivable of 900000 from the maker of the note Assuming that no adjusting entri... View the full answer

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