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Assume the note indicates that seneca is to pay Arctic the $39,600 due on the note on December 31, 2021. Prepare the journal entry for

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Assume the note indicates that seneca is to pay Arctic the $39,600 due on the note on December 31, 2021. Prepare the journal entry for Arctic to record the sale on January 1, 2021 Assume the same facts as in requirement 1, and prepare the journal entry for Arctic to record collection of the payment on December 31, 2021

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