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Instructions charges an annual interest rate of 9 % on any outstanding loan balance. On December 3 1 , Jordan Inc. received $ 5 0

Instructions

charges an annual interest rate of

9 %

on any outstanding loan balance.

On December

31,

Jordan Inc. received $

50, 000

on assigned accounts.

Required:

Prepare Jordan's journal entries to record the cash receipt and the payment to McLaughlin.

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