On july 12014 xyz company a calendar year company sold, Ask an Expert

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On July 1,2014, XYZ company, a calendar year company, sold special order merchandise on credit and received in return an interest bearing note from receivable from customer. interest rate is prevailing rate for this note. Both the principal and interest are due in one lump sum on june 30,2015.when should company report interest renenue from the note receivable? discuss rational behind it.

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M9965266

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