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On November 1, 2021, Roger Inc. accepted a three-month, 11%,$70,800 note from Marshall Inc. in settlement of its account. Interesi is due on the first
On November 1, 2021, Roger Inc. accepted a three-month, 11%,$70,800 note from Marshall Inc. in settlement of its account. Interesi is due on the first day of each month, starting December 1. Both companies' year ends are December 31. (a) Your answer is partially correct. Prepare all journal entries for Roger over the term of the note. Assume that the note is collected in full on the maturity date. (List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) Prepare all journal entries for Marshall over the term of the note. Assume that the note is paid in full on the maturity date. (List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.)
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