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On October 12, 2017, Vitablend arranged with a supplier to replace an overdue $10,000 accounts payable by paying $2,500 cash and signing a note for
On October 12, 2017, Vitablend arranged with a supplier to replace an overdue $10,000 accounts payable by paying $2,500 cash and signing a note for the remainder. The note matured in 90 days and had a 12% interest rate. Show the entries that would be recorded on October 12, December 31 and the date the note matures.
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