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Sheridan Company lends Marigold Company $48000 on January 1 and, accepts a 4-month, 3% promissory note in exchange. Sheridan Company prepares financial statements on January

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Sheridan Company lends Marigold Company $48000 on January 1 and, accepts a 4-month, 3% promissory note in exchange. Sheridan Company prepares financial statements on January 31 . What adjusting entry should be made before preparing the financial statements? Interest Receivable 480 Interest Revenue 480 Cash 120 Interest Revenue 120 Notes Receivable-Marigold Company 48000 Cash 48000 Interest Receivable 120 Interest Revenue 120

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