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On November 1, Horizon Company accepted a $25,000, 90-day, 8% note from a customer as settlement of a past due account. What entry would Horizon

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On November 1, Horizon Company accepted a $25,000, 90-day, 8% note from a customer as settlement of a past due account. What entry would Horizon make to record the acceptance of the note as settlement of the past due account? L09.2 Jonecko Inc. sold inventory that had a cost of $13,000 to Getman for $18,000 on June 3, 2017. Getman signed a 90-day, 6%, $18,000 promissory note in exchange for the goods. How will Jonecko journalize the sales transaction? L09.2 Refer to Question #9. Getman made full payment to Jonecko on the maturity date of the note. Which entry will Jonecko make to record the collection of cash on the maturity date? L09.7 Sully Company sold merchandise with a cost of $900 to a customer for $1,600 on account with terms n/30. What is the journal entry needed to record this sales transaction? L09.1 Refer to the previous question. What is the journal entry needed by Sully to record the collection of cash from the customer? LO9.1

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