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6 October, 06:31

James borrowed $550 from Tracy. James promised in writing that he would repay the money to Tracy on May 13, 2013. At the time of the loan, Tracy recorded the transaction as a/an

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  1. 6 October, 08:06
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    the answer is a accounts receivable.
  2. 6 October, 09:42
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    In that case, at the time of the loan, Tracy recorded the transaction a Notes Receivable.

    Since james has promised the loan in writing, Tracy gains a legal power to held James accountable in the future. Since Tracy the one that lend the money, that transaction is viewed as a receivable
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