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Question
Samberg Inc. had the following transactions.
Nov. 1 - Loaned $10,000 to an employee, who signed a 90-day, 10% note. Interest and principal are due on Jan 31.
Dec. 31 - Accrued interest on the note. (Round to the nearest whole dollar amount.)
Jan. 31 - Received the interest on the note's maturity date.
Jan. 31 - Received the principal on the note's maturity date. (Round to the nearest whole dollar amount.)
Required:
Prepare the required journal entries.
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