On January 1, Southwest Corp

question 109

Multiple Choice

On January 1, Southwest Corp. accepted a one-year note for $70,000 at 5% from one of its customers. When the note matured on December 31, the customer was unable to pay, and the company recorded the dishonor. The amount of the debit recorded on December 31 is ________.

• A) $66,500
• B) $3,500
• C) $70,000
• D) $73,500

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