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Required: Prepare Acme Supply Company's general journal entries for the following transactions: Accepted Run TimeCo's 120-day, 10% note as settlement of an outstanding $15,000 account

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Required: Prepare Acme Supply Company's general journal entries for the following transactions: Accepted Run TimeCo's 120-day, 10% note as settlement of an outstanding $15,000 account receivable for goods sold last year. Purchased $10,000 Equipment from XYZ, signing a 9-month, 12% note. Loaned Warner Co. $30,000 cash, accepting a 90-day, 10% note. Prepared accrual adjusting entry for any interest revenue. Received a payment in full from Warner Co. for outstanding note and interest. Received payment in full from RunTimeCo for outstanding note and interest. Paid XYZ, in full

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