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Current Attempt in Progress Teal Mountain Inc. lent $12,136 to Indigo Corporation, accepting Indigo's $12,500, three-month, zero-interest-bearing note. The implied interest is approximately 12%. Prepare
Current Attempt in Progress Teal Mountain Inc. lent $12,136 to Indigo Corporation, accepting Indigo's $12,500, three-month, zero-interest-bearing note. The implied interest is approximately 12%. Prepare Teal Mountain's journal entries for the initial transaction and the collection of $12,500 at maturity. (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.) Account Titles and Explanation Debit Credit Notes Receivable 12.500 (To record initial transaction) (To record collection at maturity)
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