Midway Corporation has a six-month, $24,000, 3% note receivable from L. Summers that was signed on June

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Midway Corporation has a six-month, $24,000, 3% note receivable from L. Summers that was signed on June 1, 2016. Summers defaults on the loan on December 1. Journalize the entry for Midway to record the default of the loan.
Corporation
A Corporation is a legal form of business that is separate from its owner. In other words, a corporation is a business or organization formed by a group of people, and its right and liabilities separate from those of the individuals involved. It may...
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Horngrens Financial and Managerial Accounting

ISBN: 978-0133866292

5th edition

Authors: Tracie L. Nobles, Brenda L. Mattison, Ella Mae Matsumura

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