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On June 1, Sam Company accepts a $4,000, four-month 3% promissory note in settlement of an account with Patty Company. Sam Company has a

On June 1, Sam Company accepts a $4,000, four-month 3% promissory note in settlement of an account with Patty Company. Sam Company has a July 31 fiscal year end. On July 31, Interest receivable was debited and Interest revenue was credited by $ 4000

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