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Note Receivable In the trial balance for March, you see that Notes ReceivableFast Feet Co. has a negative balance of $195, which 1would seem to

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Note Receivable In the trial balance for March, you see that Notes ReceivableFast Feet Co. has a negative balance of $195, which 1would seem to indicate that Fast Feet paid too much. Looking back through the journal entries for March, you nd that on March 19 the accounting intern recorded receipt of $2,?3 in payment of this note receivable. Further investigation reveals that on November 19, 29?}, this note receivable was received from Fast Feet Co. for $2,625. You can nd no additional information about this note in the accounting records. Assume a 369 day year. Using the preceding information, compute the term and the interest rate of the note receivable from Fast Feet 1. Term of the note: days 2. Interest rate of the note: 99 3. lournalize the entry needed to record information about the note receivable from Fast Feet for the year 293'? Assume that the entry on November 19, 291'? is correct. If an amount box does not require an entry, leave it blank. Round all amounts to the nearest dollar. Show credit and debit Dec. 31 4. Journalize the entry needed to record collection of the note at maturity on March 19, 29TH. ssume that the entry on November 19, BUY? is correct. If an amount box does not require an entry, leave it blank. Round all amounts to the nearest dollar

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