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Prepare the necessary journal entries for the following transactions for Mahoney Co. May 25 Mahoney Co. received a $40,000, 2-month, 6% note from Kohler Company

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Prepare the necessary journal entries for the following transactions for Mahoney Co. May 25 Mahoney Co. received a $40,000, 2-month, 6% note from Kohler Company in settlement of an account receivable. July 25 Mahoney Co. received payment on the Kohler note. 7 , B I. CO

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