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Crane Corporation sold goods to Pronghorn Decorators for $78,000 on September 1, 2025, accepting Pronghorn's $78,000, 6-month, 6% note. Prepare Crane's September 1 entry
Crane Corporation sold goods to Pronghorn Decorators for $78,000 on September 1, 2025, accepting Pronghorn's $78,000, 6-month, 6% note. Prepare Crane's September 1 entry assuming that Crane uses a periodic inventory system, December 31 annual adjusting entry, and March 1 entry for the collection of the note and interest. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. List all debit entries before credit entries. Record journal entries in the order presented in the problem.) Date Account Titles and Explanation 9/1/25 Notes Receivable Sales Revenue 12/31/25 Interest Receivable Interest Revenue 3/1/26 Cash Debit 78,000 Credit 78,000
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