On August 25, Landau Company received a 90-day, 9 percent note in settlement of an account receivable
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On August 25, Landau Company received a 90-day, 9 percent note in settlement of an account receivable in the amount of $10,000. Record the receipt of the note, the accrual of interest at the end of the fiscal year on September 30, and the collection of the note on the due date. SE-9
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