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Prepare the journal entries for green company

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Reference no: EM132515716

Question - On December 16, Green Company received Henderson Company's $7,200, 60-day, 8% note receivable in settlement of a past due account. At the end of the fiscal year, on December 31, Green Company accrued interest on the note.

Required - Prepare the journal entries for Green Company on December 16 and December 31. Note: To simplify the arithmetic in the problem, use 360 days for the number of days in a year.

Reference no: EM132515716

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