On November 1, Bennett Company received Diaz Company's $8,100, 90-day, 5% note receivable in settlement of a past due account.

At the end of the fiscal year, on December 31, Bennett Company accrued interest on the note.

Required:

Prepare the journal entries for Bennett Company on November 1 and December 31.

Note: To simplify the arithmetic in the problem, use 360 days for the number of days in a year.

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