Orange Company has recorded a journal entry with a debit to Accounts Receivable and a credit to

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Orange Company has recorded a journal entry with a debit to Accounts Receivable and a credit to Interest Revenue. What is the most likely explanation for the journal entry?

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Orange charged interest on a balance due that was not paid within a specified period.

Orange recorded sales on account.

Orange offered a discount for prompt payment.

Orange accepted a return from a customer

Related Book For answer-question

Financial Reporting and Analysis

ISBN: 978-1259722653

7th edition

Authors: Lawrence Revsine, Daniel Collins, Bruce Johnson, Fred Mittelstaedt, Leonard Soffer

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Posted Date: Jan 26, 2024 02:48 AM

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Orange Company has recorded a journal entry with a debit to Accounts Receivable and a credit to

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Financial Reporting and Analysis

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