Credit memo for a short-term note, Accounting Basics

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Credit memo for a short-term note

Accompanying the bank statement was a credit memo for a short-term note collected by the bank for the customer. What entry is required in the company's accounts?

debit Notes Receivable; credit Cash

debit Cash; credit Miscellaneous Income

debit Cash; credit Notes Receivable

debit Accounts Receivable; credit Cash

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Accounting Basics: Credit memo for a short-term note

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Accounting Basics: Credit memo for a short-term note

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