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The following information pertains to magic carpet enterprises: June 1 assigned sh 40000 of accounts receivables to country bank on a notification basis. The bank

The following information pertains to magic carpet enterprises: June 1 assigned sh 40000 of accounts receivables to country bank on a notification basis. The bank advances 32000 less a service charge of sh 800. Magic carpets signed a 1% per month on the unpaid load balances. June 28 collected assigned accounts of sh 25000 less sales returns and allowance of sh 750

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