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On June 1, 2015, Helen Products issues a $5,250 promissory note to Mott's Co. in settlement of the company's past due account receivable. The promissory

On June 1, 2015, Helen Products issues a $5,250 promissory note to Mott's Co. in settlement of the company's past due account receivable. The promissory note will be due in 60 days and has a 15% stated interest rate.

a. Record the journal entry for the issuance of the note.

b. Prepare the journal entry for Helen Products on the due date, assuming that Mott's Co. pays the promissory note. Round interest to the nearest whole dollar.

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