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On October 20, 2020, Poppy Co. received a $85,000,7%, 90-day note from Lily Inc. for cash. Required 1. Prepare the October 20 entry to record

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On October 20, 2020, Poppy Co. received a $85,000,7%, 90-day note from Lily Inc. for cash. Required 1. Prepare the October 20 entry to record receipt of the note. 2. Prepare the adjusting entry at December 31, 2020. 3. Prepare the journal entry at maturity assuming the note is honoured. How would the journal entry at maturity be different if the note was dishonoured? 4

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