Entranceexam-practiceset.doc
28. Timothy Company sold merchandise to a customer on October 17 of 2004. They accepted a $4,800, 90-day, 10% note as payment. If Timothy Company's accounting period ends on December 31, 2004 [Oct 17 to Dec 31 = 75 days], Timothy Company's journal entry on January 15 ( when the note plus interest is received ) will include: ................
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