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On January 1, Cooper Company accepted a one-year note for $5,000 at 4% from one of its customers. When the note matured on December 31,

On January 1, Cooper Company accepted a one-year note for $5,000 at 4% from one of its customers. When the note matured on December 31, the customer was unable to pay, and the company treated it as a dishonored note. Prepare the journal entry that Cooper will make to record the dishonored note.

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