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HW Problem 7.3 - Lender Company incurred the following transactions in January: 1/18 Accepted a $20,000, 60-day 8% note as extension of Late Company's overdue
HW Problem 7.3 - Lender Company incurred the following transactions in January: 1/18 Accepted a $20,000, 60-day 8% note as extension of Late Company's overdue accounts receivable. 1/23 Loaned $50,000 to Borrower Company in exchange for a 50-day 10.08% note. 1/26 Loaned $18,000 to Brother Company in exchange for a 45-day 4% note. a. Record the preceding transactions for Lender Company assuming it uses the 360 day convention. b. Record adjusting entries January 31st and February 28th (assume Feb has 28 days). c. Record the journal entries at maturity
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