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The following transactions occurred during 2016 for Queens Merchants. The company ends its accounting year on June 30, Loaned $20,000 cash to Sam Smith on

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The following transactions occurred during 2016 for Queens Merchants. The company ends its accounting year on June 30, Loaned $20,000 cash to Sam Smith on a one-year, 9% note Sold goods to Susan Mason, receiving a 90-day, 10% note for $11,000 Made a single compound entry to accrue interest revenue on both notes 2017 Requirement Record the transactions in Queens Merchants journal

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