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McKean Company has a three - month, $ 1 6 , 0 0 0 , 6 % note receivable from L . Stow that was

McKean Company has a three

-

month, $

16, 000, 6 %

note receivable from L

.

Stow that was signed on June

1, 2016 .

Stow defaults on the loan on September

1 .

Journalize the entry for McKean to record the default of the loan.

(

Record debits first, then, credits. Select the explanation on the last line of the joumal entry table.

)

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