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On November 1, 2024, Uli Inc. accepted a three-month, 11%, $68,400 note from Cinrich Inc. in settlement of its account. Interest is due on
On November 1, 2024, Uli Inc. accepted a three-month, 11%, $68,400 note from Cinrich 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. Interest accruals are only recorded at year end. (a) Prepare all journal entries for Uli 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 O for the amounts. Record entries in the order displayed in the problem statement.) Date Account Titles and Explanation Debit Credit
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