On November 1 2021, Espresso Inc. accepted a three month, 9%, $55200 note from Macaron Inc. in settlement of its account. Interest is due on the first day of each month, starting December 1. Both companies year ends are December 31. Prepare all journal entries for Espresso over the term of the note. Assume that the note is collected in full on the maturity date.

According to Wiley Plus

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