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NOTES RECEIVABLE (10 Points) On October 1, 2019, Lawson Company received a Promissory Note (Note Receivable) in the face value (face amount) of $100,000 for

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NOTES RECEIVABLE (10 Points) On October 1, 2019, Lawson Company received a Promissory Note (Note Receivable) in the face value (face amount) of $100,000 for a loan made to its main supplier. The Promissory Note was for twelve (12) months and had an eight percent (8%) annual interest rate. REQUIRED In the space provided below, prepare in GOOD FORM the following Journal Entries: (Do not give explanations for the Journal Entries) (1) The Journal Entry to record the loan of the $100,000 and the acceptance (receipt) of the Note Receivable on October 1, 2019. (2) The Journal Entry to record the Adjusting Entry for the Accrued Interest Revenue on December 31, 2019. (3) The Journal Entry to record the Cash Collection of the Note Receivable and Interest on October 1, 2020

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