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Problem 4 On September 1, 20x8, Nicol Corp. agreed to settle a customers' accounts receivable by converting it into a two year, 6%, $50,000
Problem 4 On September 1, 20x8, Nicol Corp. agreed to settle a customers' accounts receivable by converting it into a two year, 6%, $50,000 note. Interest payments are due each Sep 1, Nicol's year end is December 31. Required - Prepare all the journal entries for Nicol Corp. for the duration of this note. Assume that the customer pays the note back in full on September 1, 20x10.
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Financial Accounting
Authors: Robert Libby, Patricia Libby, Daniel Short, George Kanaan, M
5th Canadian edition
9781259105692, 978-1259103285
