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On November 1, 2021, XYZ Inc. accepted a three-month, 10%, $72,000 note from ABC Inc. in settlement of its account. Interest is due on
On November 1, 2021, XYZ Inc. accepted a three-month, 10%, $72,000 note from ABC Inc. in settlement of its account. Interest is due on the first day of each month, starting December 1. XYZ Inc's year ends are December 31. Prepare all journal entries for XYZ Inc. over the term of the note. Assume that the note is collected in full on the maturity date. (Hint: 5 entries in total)
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Accounting Information Systems basic concepts and current issues
Authors: Robert Hurt
3rd edition
130855849X, 978-1308558493, 78025338, 978-0078025334
