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Problem - Entries for notes receivable, including year-end entries
The following selected transactions were completed by Zip-Up Co., a supplier of zippers for clothing:
2011 -
Dec. 10. Received from Point Loma Clothing & Bags Co., on account, a $36,000, 90-day, 4% note dated December 10.
Dec. 31. Recorded an adjusting entry for accrued interest on the note of December 10.
Dec. 31. Recorded the closing entry for interest revenue.
2012 -
Mar. 9. Received payment of note and interest from Point Loma Clothing & Bags Co.
Journalize the transactions.
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