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On December 1, Daw Co. accepts a $34,000, 45-day, 9% note from a customer. (1) Prepare the year-end adjusting entry to record
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Answer #1
1 Interest receivable 255
Interest revenue 255
(34,000*9%30/360)
2 Cash 34,382.50
Interest revenue (34,000*9%*15/360) 127.50
Interest receivable 255
Notes Receivable 34,000
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