A three-year $200,000 note receivable with simple interest of 5% is paid off one-year early for $220,000. What is the proper entry to Notes Receivable to record the payment?
Debit Notes Receivable $200,000.
Credit Notes Receivable $220,000.
Credit Notes Receivable $200,000.
No entry.
Box 1:
Select the best answer
Credit Notes Receivable $200,000.
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