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Prepare shamrock journal entries for the initial transaction

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Shamrock, Inc. lent $11,942 to Flounder Corp., accepting Flounder's $12,300, three-month, zero-interest-bearing note. The implied interest is approximately 12%.

Problem 1: Prepare Shamrock's journal entries for the initial transaction and the collection of $12,300 at maturity.

Reference no: EM132706897

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