Rec Room Equipment Company received a $10,200, six-month, 7 percent note to settle an $10,200 unpaid balance owed by a customer. a. The note is accepted by Rec Room on November 1, causing the company to increase its Notes Receivable and decrease its Accounts Receivable. b. Rec Room adjusts its records for interest earned to its December 31 year-end. c. Rec Room receives the interest on the note's maturity date. d. RecRoom receives the principal on the note's maturity date.
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