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54 On April 12, ABC Company agrees to accept a 60-day, 10%, 55,000 note from Madden Company to extend the due date on an overdue

54 On April 12, ABC Company agrees to accept a 60-day, 10%, 55,000 note from Madden Company to extend the due date on an overdue account. What is the journal entry needed to record the transaction by Madden Company

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