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On may 26 2017. Buffy esthetics accepted a 7200, 60 day, 8.2% note dated to this day in granting smitty a time extension on her past due account. Buffy has a dec 31 year end. Smitty dishonors note at maturity
Required
Question 1: Make the general journal entry to record the acceptance of the note on May 26,2017
Question 2: Determine the maturity date of the note and make the necessary general journal entry on that date
Question 3: On DEC 11 2017 Farmery company accepted a 9% 3800, 60 day note in payment sold to fred co farmery has a Dec 31 year end, at 2017 year end prepare the necessary adjusting entry for the note
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