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Garden Works Co. had a number of transactions involving receivables during the year 2017. Each of them follows.
Required
Problem 1: Prepare journal entries to record these independent transactions on the books of Garden Works Co. The Company's year-end is December 31.
Problem 2: On November 15, 2017, Garden Works Co. agreed to accept $500 in cash and a $2,000,90 day, 8% note from Agro Company to settle its $2,500 past-due account. Determine the maturity date and record the entry on November 15, on December 31, and on the date of maturity
Problem 3: Garden Works Co. held a $1,800, 6% 45 day note of Altamira Industries. At Maturity, December 15, Altamira dishonoured the note. Record the dishonouring of the Note Receivable
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