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3. Notes Receivable These transactions took place for Sanders Co. 20x1 May 1 Received a $15,000, 1-year, 9% note in exchange for an outstanding account

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3. Notes Receivable These transactions took place for Sanders Co. 20x1 May 1 Received a $15,000, 1-year, 9% note in exchange for an outstanding account receivable from T. Foley. Accrued interest revenue on the T. Foley note. Dec. 31 20x2 May 1 Received principal plus interest on the T. Foley note. Instructions Record the transactions in general journal

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