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Question 3: Adnan Company completed the following transaction during 2010 and 2011. (assume the year is 360 days Year 2009 1. October 14 Sold merchandise
Question 3: Adnan Company completed the following transaction during 2010 and 2011. (assume the year is 360 days Year 2009 1. October 14 Sold merchandise to Badder Company, receiving a 60-day, 9% note for S 10,000 (the cost of the inventory was $7,500). 2. November 16 Sold merchandise to Maryam Company receiving a 72-day,8% note forss1 00 (the cost of the inventory was $7,200). 3. December 13 Received amount due from Badder Company 4 December 31 Accrued interest on the Maryam Company note. Year 2010 5. January 27 Received amount due from Maryam Company Required Prepare the journal entries to record the above transactions. Date Accounts Debit credit
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