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1. On 11/1/23ABC Co. sold $10,000 of merchandise to XYZ Corp., receiving a $10,000,6%,3 month note as payment (due 2/1/24 ). Interest is to be

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1. On 11/1/23ABC Co. sold $10,000 of merchandise to XYZ Corp., receiving a $10,000,6%,3 month note as payment (due 2/1/24 ). Interest is to be paid at maturity. Provide entries to record: 1. The sale of the merchandise 2. Appropriate year-end adjusting entry(ies) 3. Collection at 2/1/24 2. On 7/1/23ABC loaned money to a customer by discounting a 3 month, $10,000 note, discounted at 10%. Provide entries to record: 1. The lending on 7/1/23 2. The receipt of payment on 10/1/23

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