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PROBLEMS 1. Vincent Company accepted a 12-month, 6% promissory note from a customer, Graves Company, on September 1, 2016, in exchange for $42,000 of services

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PROBLEMS 1. Vincent Company accepted a 12-month, 6% promissory note from a customer, Graves Company, on September 1, 2016, in exchange for $42,000 of services that Vincent performed. Prepare Vincent's general journal entries for the following: a) acceptance of the note on September 1, 2016 b) accrual of interest on December 31, 2016 c) collection of principal and interest on August 31, 2017

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