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Notes receivable entries
Loan made - entry is
Cash xxxx (credit) N/R xxxx (debit) Payment received - entry is Cash rcvd xxxx (debit) Int Inc xxxx (credit) N/R xxxx (credit) Fees incurred for late payments (tacked onto original note) N/R xxxx (debit) Fees xxx (credit -what type of account is this - income -?- this has not been collected yet... ) Thanks for any assistance anyone can provide |
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