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Prepare Teal Mountain journal entries for transactions

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Reference no: EM132721208

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

Required - Prepare Teal Mountain 's journal entries for the initial transaction and the collection of $12,300 at maturity.

Reference no: EM132721208

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