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K On December 1, Klien Corporation accepted a 120-day, 3%, $36,500 note receivable from J. Summers in exchange for his account receivable. Read the

K On December 1, Klien Corporation accepted a 120-day, 3%, $36,500 note receivable from J. Summers in exchange for his account receivable. Read the requirements. Requirement 1. Journalize the transaction on December 1. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.)

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