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Record acceptance of a 5%, 90-day note. Record acceptance of a 4.75%, Six-month note. Record the accrued interest at year end. Record the collection of
Record acceptance of a 5%, 90-day note.
Record acceptance of a 4.75%, Six-month note.
Record the accrued interest at year end.
Record the collection of note.
Record the dishonour of note.
Record the entry write-off of account receivable.
Seerden Servicing monitors Its accounts recelvable carefully. A revlew determined that a customer, John Daley, was unable to pay his $40,000 past-due account. Seerden accepted a 90 -day promissory note dated Aprll 15,2023 , bearling Interest of 5% in exchange for Daley's account. Another customer, ABC Drilling, signed a 4.75\%, slx-month note dated May 1 In place of Its $20,000 past-due accounts recelvable. On May 31, Seerden's year-end, accrued interest was recorded on the notes recelvable. John Daley honoured his note on the maturlty date. ABC Drilling dishonoured Its note on the maturlty date. On November 15, Seerden Servicing wrote off ABC Drilling's account as It was determined to be uncollectlble. Required: Prepare Seerden Servicing's entrles for each of the following dates: (Use 365 days In a year. Do not round Intermedlate calculatlons. Round your answers to 2 decimal places.) a. Aprll 15, 2023 b. May 1,2023 c. May 31, 2023 d. Maturlty date of John Daley's note e. Maturlty date of ABC Drilling's note f. November 15,2023
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