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5. (15 Points) Prepare the following journal entries Received a 60 Day, 11% note for $ 8,000 from Chemical Co. in settlement of an Accounts

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5. (15 Points) Prepare the following journal entries Received a 60 Day, 11% note for $ 8,000 from Chemical Co. in settlement of an Accounts Receivable May 1 Jul 1 Chemical dishonored the note as they failed to pay July 31 Received payment in full from Chemical including 11% interest from the date the note was dishonored

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