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Prepare journal entries to record the sale of the land

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Problem - On October 1, Bandor Company sold land (that cost $30,000) on credit for $35,000. The buyer issued an 8%, 12-month note for this amount, with the interest to be paid on the maturity date. Prepare journal entries to record the sale of the land and the related year-end adjusting entry.

Reference no: EM132879640

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