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Q5. Best western sells a variety of shoes to retail stores. Issues notes receivables, also adjusts and closes its accounts at December 31. Sept 1

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Q5. Best western sells a variety of shoes to retail stores. Issues notes receivables, also adjusts and closes its accounts at December 31. Sept 1 received a nine month 10% note or 75000 in settlement of an account receivable. June 1 collected in full the nine month note including interest. Required: 1. Prepare journal entries to record receipt, adjustment and collection of the

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