Record the following transactions in the general journal of Dvorak Interiors. Round all amounts to the nearest
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Record the following transactions in the general journal of Dvorak Interiors. Round all amounts to the nearest dollar. Explanations are not required.
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2007 Dec. 21 Received a $4,400, 30-day, 9% note on account from Monica Lee. 2008 31 31 Made an adjusting entry to accrue interest on the Lee note. Made a closing entry for interest revenue. Jan. 20 Collected the maturity value of the Lee note. Sept. 14 Loaned $6,000 cash to Bullseye Investors, receiving a three- month, 13% note. 30 Received a $1,600, 60-day, 16% note for a sale to Chuck Powers. Ignore cost of goods sold. Nov. 29 Chuck Powers dishonored his note at maturity; wrote off the note as uncollectible, debiting Allowance for Dec. 14 Uncollectible Notes. Collected the maturity value of the Bullseye Investors note.
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