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Record the following transactions in the journal of Arabian Supplies, which ends its accounting year on November 30: October 1 Lent $104,000 cash to Jacob
Record the following transactions in the journal of Arabian Supplies, which ends its accounting year on November 30: October 1 Lent $104,000 cash to Jacob Durant on a one-year, 4 percent note. November 3 Sold goods to Haskett Inc., receiving a 100-day, 8 percent note for $4,500.00. Cost of the goods was $2,600. Arabian uses a perpetual inventory system. November 16 Received a $3,200, six-month, 10 percent note on account from TJO Inc. when the receivable for that amount could not be paid on time. November 30 Accrued interest revenue on all notes receivable. Hint: Recall that you divide by days
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