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Skysong, Inc. lent $46,829 to Concord Corporation, accepting Concord's $48,000, three-month, zero-interest-bearing note. The implied interest is approximately 10% Prepare Skysong's journal entries for the
Skysong, Inc. lent $46,829 to Concord Corporation, accepting Concord's $48,000, three-month, zero-interest-bearing note. The implied interest is approximately 10% Prepare Skysong's journal entries for the initial transaction and the collection of $48,000 at maturity. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Round answers to O decimal places, e.g. 5,275.) Account Titles and Explanation Debit Credit Cash Purchase Discounts (To record initial transaction) Cash Interest Expense Accounts Receivable (To record collection at maturity)
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