AC 116 MIDTERM QUESTIONS AND ANSWERS
credit to Allowance for Doubtful Accounts for $4,000. ANS: C. 19. A 60-day, 10% note for $8,000, dated April 15, is received from a customer on account. The face value of the note is . a. $8,600 b. $7,200 c. $8,800 d. $8,000 ANS: D. 20. The journal entry to record a note received from a customer to apply on account is ................
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