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How do the amount and form of the business asset change

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Question: 1. When a business asks a customer to sign a note receivable for an extension of time on the customer's account receivable, how do the amount and form of the business asset change?

2. In which chart of accounts classification is Interest Income listed?

3. What accounts are affected, and how, when a customer dishonors a note receivable?

4. Why is interest income recorded at the time a note is dishonored even though cash has not been received?

Reference no: EM131537416

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