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I am in hurry. Silver Industries has the following transactions related to notes receivables in August 2021: Borrowed James Bond $50,000 cash on a 1-year,
I am in hurry.
Silver Industries has the following transactions related to notes receivables in August 2021: Borrowed James Bond $50,000 cash on a 1-year, 3% note. Interest is 01-Aug due the first of each month commencing September 1. Sold goods to J. Jones, receiving a $6,000,5-month, 5% note. Interest is due the 15 of each month, commencing September 15 . The cost of the goods sold is $3,500. Silver Industries uses the perpetual inventory 15-Aug method. Accrued interest income on the notes receivable from Aug I and Aug 31-Aug 15. Show your calculations. Required: Record the above transactions for Silver Industries. Explanations are not required. Your response must be included in the box below. No exceptions. Dr. \$ Cr.\$Step by Step Solution
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