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November 2, 2021 Issued a note receivable to a customer. The customer could not pay its account receivable on time, so PP traded the account

November 2, 2021

Issued a note receivable to a customer. The customer could not pay its account receivable on time, so PP traded the account receivable for a note receivable. The amount was $8,635. The note will bear 9% interest rate. The entire balance, both principal and interest, will be due on August 1 of the following year.

What would the journal entry for this look like?

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