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there is page 2019 and 2020 Marydale Products permits its customers to defer payment by giving personal notes instead of cash. All the notes bear

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Marydale Products permits its customers to defer payment by giving personal notes instead of cash. All the notes bear interest and require the customer to pay the entire note in a single payment 6 months after issuance. Consider the following transactions, which describe Marydale's experience with two such notes: a. On October 31, 2019, Marydale accepts a 6-month, 12% note from Customer A in lieu of a $5,400 cash payment for services provided that day. b. On February 28, 2020, Marydale accepts a 6-month, $1,800, 5% note from Customer B in lieu of a $1,800 cash payment for services provided on that day. c. On April 30, 2020, Customer A pays the entire note plus interest in cash. d. On August 31, 2020, Customer B pays the entire note plus interest in cash. Required: Prepare the necessary journal and adjusting entries required to record Transactions a through d in Marydale's records. JOURNAL BALANCE SHEET INCOME STATEMENT DATE DESCRIPTION POST. REF. DEBIT CREDIT ASSETS PAGE 2019 PAGE 2020 RNAL ALANCE SHEET INCOME STATEMENT IMPACT ON FINANCIAL STATEMENTS POST. REF. DEBIT CREDIT ASSETS LIABILITIES EQUITY REVENUE EXPENSES NET INCOME

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