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Unformatted text preview: Note Receivable ( Same terms and conditions) What would have been your entry when recorded the note on October 1, 2009? Date DR CR 10/1/09 Note Receivable 10,000 Cash 10,000 Assuming your company also does not make monthly entries, record your year-end adjustment Date DR CR 12/31/09 Interest Receivable 250 Interest Income 250 Now assume its October 1, 2010. What would be your entry when the other company paid off the note? Date DR CR 10/1/10 Cash $11,000 Note Receivable 10,000 Interest Receivable 250 Interest Income 750...
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- Spring '10