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On October 1, 2014, the Western company received a 120 day, 5% note from Southern company in the settlement of an account receivable of $45,000.

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On October 1, 2014, the Western company received a 120 day, 5% note from Southern company in the settlement of an account receivable of $45,000. The Western company collected the note at maturity. Required: Prepare journal entries 1- to record the acquisition of the note, 2-the collection of the note at due date

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