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On May 4, 2020, Bike Corporation loans $25,000 to an employee with an oral agreement...

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Question

Accounting

On May 4, 2020, Bike Corporation loans $25,000 to an employee with an oral agreement for repayment of the $25,000 on January 31, 2021.

How does Bike Corporation report this $25,000 on the balance sheet at December 31, 2020?

Group of answer choices

Accounts receivable

Non-trade receivables

Current portion of notes receivable

Long-term notes receivable

Answer & Explanation Solved by verified expert
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