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Prepare journal entries to record all transactions

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Question - Lauren Gilmore owes the Town of Stars Fallow $400 in unpaid parking tickets. The Town decided to accept a promissory note from Ms. Gilmore on December 1, 20X6, due in 6 months. Interest will be charged at a rate of 8%. The Town's year-end date is March 31, 20X7. Prepare journal entries to record all transactions.

Reference no: EM132818198

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