Record the following transactions in the journal of Bingham Phone Accessories. Explanations are not required 2009 31
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Record the following transactions in the journal of Bingham Phone Accessories. Explanations are not required
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2009 31 Dec 19 Received a $3,000, 60-day, 12% note on account from Arnold Collins. Made an adjusting entry to accrue interest on the Collins note. Made a closing entry for interest revenue. 2010 31 Feb 17 Jun 1 Oct 31 Dec 1 Collected the maturity value of the Collins note. Loaned $10,000 cash to Electra Mann, receiving a six-month, 11% note. Received a $1,500, 60-day, 12% note from Mark Phillips on his past-due account receivable. Collected the maturity value of the Electra Mann note.
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