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Q2. Prepare journal entries to record the following transactions in Ela Company's books: 2008 June 1 Received a $20,000, 12%, 1-year note from Sue as

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Q2. Prepare journal entries to record the following transactions in Ela Company's books: 2008 June 1 Received a $20,000, 12%, 1-year note from Sue as full payment on her account. Dec. 31 Accrued interest on Sue's note. 2009 June 1 Sue honored her promissory note. Q.3 Robi Company often requires customers to sign promissory notes for major credit purchases. Journalize the following transactions for Robi Company. Feb. 12 Robi sells merchandise on account to Jim accepting a $25,000, 6%, 60-day note. April 14 Robi received notification from Jim that he was unable to honor his promissory note but that he expects to pay the amount owed in May. May 26 Robi received a check from Jim for the total amount owed

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