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6 July, 02:18

When an interest-bearing note comes due and is uncollectible, the journal entry includes debiting

Accounts Receivable and crediting Notes Receivable and Interest Revenue.

Accounts Receivable and crediting Interest Revenue.

Notes Receivable and crediting Accounts Receivable and Interest Revenue.

Notes Receivable and crediting Accounts Receivable.

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Answers (1)
  1. 6 July, 05:04
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    When an interest-bearing note comes due and is uncollectible, the journal entry includes debiting Accounts Receivable and crediting Notes Receivable and Interest Revenue.

    Accounts receivable is money that is owed to a company by its debtors. The notes receivable is an account on the balance sheet that is included as an asset if the life of the item is less than a year old. Interest revenue is the earnings that a person or company makes off the investments that they are invested in - the interest that is saved and kept, revenue.
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