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very urgent Alfred Company accepts a $9,000 three-month 8% note receivable in settlement of an account receivable on August 1. Interest is to be paid
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Alfred Company accepts a $9,000 three-month 8% note receivable in settlement of an account receivable on August 1. Interest is to be paid at maturity. The company's year-end is December 31. The company adjusts its accounts annually. Required: a. Record the issue of the note on August 1 b. Record the journal entry on November 1 assuming the note is dishonored and eventual collection is not expected Step by Step Solution
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