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Prepare journal entries for acceptance of promissory note

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Reference no: EM132976768

Problem 1: On December 1, Christina Interiors accepted a 90 day, 7.5%, promissory note from Yellow Brick Homes in settlement of a $5,000 accounts receivable. Prepare journal entries for:

  1. Acceptance of the promissory note
  2. December 31 adjusting entry for accrued interest (use 360 days/year to calculate interest)
  3. Receipt of the promissory note payment upon maturityUse a word processing program or a spreadsheet program to create your journal entries. Save your file as Unit7Assessment and attach it to this textbox using the file uploader. Then, write a one-paragraph explanation of what you did to prepare the entries in the textbox below.

Reference no: EM132976768

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