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On March 14, 2023, Blossom Corporation agreed to allow its customer, Gouneau Ltd., to substitute a six-month note for the account receivable of $2,000 that
On March 14, 2023, Blossom Corporation agreed to allow its customer, Gouneau Ltd., to substitute a six-month note for the account receivable of $2,000 that Gouneau was unable to pay when it came due for payment. This means that Gouneau is basically borrowing $2,000 from Blossom for six months. It was agreed that the note would bear interest at a rate of 6%. What journal entries would Blossom make to record the substitution and payment of the note? (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. List all debit entries before credit entries. Record journal entries in the order presented in the problem.) What journal entries would Blossom make to record the substitution and payment of the note? (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. List all debit entries before credit entries. Record journal entries in the order presented in the problem.) Date Account Titles Debit Credit
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