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1. ABC Company receives a $18,000, 4-month, 7% promissory note from ANZ Company in settlement of an open accounts receivable. What entry will ABC Company
1. ABC Company receives a $18,000, 4-month, 7% promissory note from ANZ Company in settlement of an open accounts receivable. What entry will ABC Company make for the receipt of the note? Q2. Ahmed Company lends Ali Company $65,000 on April 1, accepting a five-month, 9% interest note. Ahmed Company prepares financial statements on May 31. What adjusting entry should be made before the financial statements can be prepared
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