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45 days On August 2, Jun Co, receives a $6,000, 90-day, 12% note from customer Ryan Albany as payment on his $6,000 account receivable. (1)
45 days On August 2, Jun Co, receives a $6,000, 90-day, 12% note from customer Ryan Albany as payment on his $6,000 account receivable. (1) Compute the maturity date for this note. (2) Prepare Juns journal entry for August 2 On August 2, Jun Co. receives a $6,000, 90-day, 12% note from customer Ryan Albany as payment on his $6,000 account receivable. Prepare Jun's journal entry assuming the note is honored by the customer on October 31 of that same year. On December 1, Daw Co. accepts a $10,000, 45-day, 6% note from a customer. (1) Prepare the year-end adjusting entry to record accrued interest revenue on December 31. (2) Prepare the entry required on the note's maturity date assuming it is honored. Record the sale by Balus Company of $125,000 in accounts receivable on May 1. Balus is charged a 2.5% factoring fee. Selected
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