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The following are notes receivable transactions for Pharoah Co: May 1 Received a $15,000, six-month, 6% note from Jioux Company in settlement of an account

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The following are notes receivable transactions for Pharoah Co: May 1 Received a $15,000, six-month, 6% note from Jioux Company in settlement of an account receivable. Interest is due at maturity. June 30 Accrued interest on the lioux note, at Pharoah's year end. Adjustments are recorded annually. July 31 Lent $2,400 cash to an employee, Noreen Irvine, receiving a two-month, 5% note. Interest is due at the end of each month. Aug. 31 Received the interest due from Ms. Irvine. Sept. 30 Received payment in full from Ms. Irvine, Nov. 1 Jioux Company defaulted on its note. Pharoah does not expect to collect on the note. Record the transactions for Pharoah Co. Pharoah Couses only one allowance account for both accounts and notes receivable. (Credit account titles are automatically Indented when the amount is entered. Do not Indent manually. If no entry is required, select "No Entry for the account titles and enter for the amounts. Round answers to decimal places, 28. 5.276. Record journal entries in the order presented in the problem.) Date Account Titles and Explanation Debit Credit (Accept note for accounts receivable) (To accrue interest earned) Loan cat in exchange for at (Loan cash in exchange for note.) (Collect interest earned.) (To record collection of note receivable and interest.) (To record dishonouring of note where collection is not expected.)

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