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On October 1, Black Company receives a 4% interest-bearing note from Reese Company to settle a $21,000 account receivable. The note is due in six months. At December 31, Black should record interest revenue of Oa. $210 Ob. $207 Oc. $217 Od. $220

On October 1, Black Company receives a 4% interest-bearing note from Reese Company to settle a $21,000 account receivable. The note is due in six months. At December 31, Black should record interest revenue of Oa. $210 Ob. $207 Oc. $217 Od. $220

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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On October 1, Black Company receives a 4% interest-bearing note from Reese Company to settle a $21,000 account receivable. The note is due in six months. At December 31, Black should record interest revenue of Oa. $210 Ob. $207 Oc. $217 Od. $220
Transcribed Image Text:On October 1, Black Company receives a 4% interest-bearing note from Reese Company to settle a $21,000 account receivable. The note is due in six months. At December 31, Black should record interest revenue of Oa. $210 Ob. $207 Oc. $217 Od. $220
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