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Lender Company incurred the following transactions in January: 1/15 Accepted a $10,000, 60-day 8% note as extension of Late Company's overdue accounts receivable. 1/20

Lender Company incurred the following transactions in January: 1/15 Accepted a $10,000, 60-day 8% note as extension of Late Company's overdue accounts receivable. 1/20 Loaned $50,000 to Borrower Company in exchange for a 50-day 12% note. 1/24 Loaned $15,000 to Brother Company in exchange for a 45-day 5% 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 February has 28 days). c. Record the journal entries at maturity.

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a Recording the preceding transactions for Lender Company assuming it uses the 360day convention January 15 Debit Notes Receivable Late Company 10000 ... blur-text-image

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