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1. Prepare general journal entries for the following transactions for the current year: April 25 Sold $3,500 of merchandise to Phillip Corporation receiving a 9%,60-day,

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1. Prepare general journal entries for the following transactions for the current year: April 25 Sold $3,500 of merchandise to Phillip Corporation receiving a 9%,60-day, $3,500 note receivable (the merchandise cost $2,000 ) June 24 The note of Phillip Corporation was dishonored

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