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Tamarisk, Inc. lent $47,610 to Flint Corporation, accepting Flint's $48,800, three-month, zero-interest-bearing note. The implied interest is approximately 10%. Prepare Tamarisk's journal entries for the
Tamarisk, Inc. lent $47,610 to Flint Corporation, accepting Flint's $48,800, three-month, zero-interest-bearing note. The implied interest is approximately 10%. Prepare Tamarisk's journal entries for the initial transaction and the collection of $48,800 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 0 decimal places, e.g. 5,275.) Account Titles and Explanation Debit Credit (To record initial transaction) (To record collection at maturity)
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