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Question : Hossam Co. lends Fahd Co. $40,000 on June 1, accepting a four-month, 6% interest note. If Hossam presents the note to Fahd Co.

Question :

Hossam Co. lends Fahd Co. $40,000 on June 1, accepting a four-month, 6% interest note.

If Hossam presents the note to Fahd Co. on October 1, the maturity date, and receive the amount.

Prepare the journal entries

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