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On September 1, 2021, the company lent a supplier $20,000 and a 6-month note receivable was signed requiring principal and interest at an annual interest
On September 1, 2021, the company lent a supplier $20,000 and a 6-month note receivable was signed requiring principal and interest at an annual interest rate of 8% to be paid on February 28, 2022. Copy the tables below to answer in the same format (including the question for a.) and b.). a.) Prepare the adjusting entry for 12/31/21. Date Account Title Description Debit Credit b.) Prepare the entry that would be made by the company on February 28, 2022 for the collection of the amount due from the supplier if the company makes reversing entries. Account Title Description Date Debit Credit
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