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On June 5, Watson Company received a $5,400,30-day, 10% note from Baker in payment of its account. On July 5, Baker paid its note in

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On June 5, Watson Company received a $5,400,30-day, 10% note from Baker in payment of its account. On July 5, Baker paid its note in full, including interest. Required: Prepare the joumal entries for Watson Company on June 5 and July 5. Note: To simplify the arithmetic in the problem, use 360 days for the number of days in a year

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