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On July 1, 2020 Martinez Company made a $45,500 sale to a customer and accepted a noninterest-bearing note due June 30, 2022. A rate of
On July 1, 2020 Martinez Company made a $45,500 sale to a customer and accepted a noninterest-bearing note due June 30, 2022. A rate of 9% is reasonable for this type of transaction. Prepare all of the journal entries. (You may ignore the entry for the cost of merchandise sold): (Credit account titl are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order present in the problem. If no entry is required, select "No Entry" for the account titles and enter Ofor the amounts. Round factor value calculations to 5 decimal places, e.g. 0.52755. Round answers to 2 decimal places, e.g. 52.75.) Date Account Titles and Explanation Debit 7/1/2020
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