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Blossom Company has the following two notes receivable at May 31, 2021, its fiscal year end: 1. 2. $43,200 six-month, 4% note issued January 1,
Blossom Company has the following two notes receivable at May 31, 2021, its fiscal year end: 1. 2. $43,200 six-month, 4% note issued January 1, 2021 $9,600 three-month, 6% note issued April 30, 2021 Interest is payable at maturity for both notes. Calculate the accrued interest on both notes at May 31, 2021. (Round answers to the nearest whole dollar, e.g. 5,275.) Note 1: $ Note 2: Total accrued interest $ Prepare one adjusting journal entry to record the accrued interest on both notes. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter for the amounts. Round answers to the nearest whole dollar, e.g. 5,275.) Debit Credit Date May 31/21 Account Titles and Explanation Interest Receivable Interest Revenue
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