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  1. The notes receivable is 100. If the journal...

    The notes receivable is 100.
    If the journal entry is cash dr interest income cr, what is the difference for the entry if I adjust for interest on notes receivable?
  2. How do I make a journal entry for interest on notes receivable?

    Interest on all notes was collected on May1. The rate is 12% per year. The accounting system provides for cash collections of interest to be credited first to existing accrued interest receivable...
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