On August 2, 2005, JLK Co. receives a $5,500, 90-day, 12% note from customer Tom Menke as
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On August 2, 2005, JLK Co. receives a $5,500, 90-day, 12% note from customer Tom Menke as pay- QS 7-4 ment on his $5,500 account. Prepare JLK’s journal entries for August 2 and for the note’s maturity Note receivable date assuming the note is honored by Menke. lpo4
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