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Record journal entries for the following transactions of Noreen Turbines. Issued a $1,800,500 note to customer Axel Premium Metal as terms of a merchandise sale.
Record journal entries for the following transactions of Noreen Turbines. Issued a $1,800,500 note to customer Axel Premium Metal as terms of a merchandise sale. The merchandise's cost to Noreen is Jan. 1, 2018 $760,430. Note contract terms included a 36-month maturity date, and a 3.8% annual interest rate. Dec. 31, Noreen Turbines records interest accumulated for 2018. 2018 Dec. 31, 2019 Noreen Turbines records interest accumulated for 2019. Dec. 31, 2020 Axel Premium Metal honors the note and pays in full with cash. Show your work and use proper journal entry formatting
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