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On July 25, Jackson Company received a $9,900, 75-day, 12% note from Wood in payment of its account. On October 8, Wood paid its
On July 25, Jackson Company received a $9,900, 75-day, 12% note from Wood in payment of its account. On October 8, Wood paid its note in full, including interest. Required: Prepare the journal entries for Jackson Company on July 25 and October 8. Note: To simplify the arithmetic in the problem, use 360 days for the number of days in a year. Date Account Title July 25 Accounts Receivable Jackson Co. (Choose one) Debit Credit
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