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Exercise 240 These transaction took place for Sanders Co. 2016 May 1 Received a $15,000, 1-year, 9% note in exchange for an o
#2 Date Account Titles and Explanation 2016 Debit Credit May 1 (Part Ission) Dice Dec. 31 se 6-2 Ise 215 olce 2017 hoice May
2017 May 1 Click if you would like to Show Work for this question: Open Show Work 215 Question Attempts: pe here to search o
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Solution:

Nineth Nest Egg Bank
Journal Entries
S.No Particulars Debit Credit
2016
01-May Note Receivable $15,000
     Cash $15,000
31-Dec Interest receivable ($15000*9%*8/12) $900
      Interest Revenue $900
2017
01-May Cash $16,350
      Interest receivable $900
      Interest revenue (15000*9%*4/12) $450
      Note Receivable $15,000
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