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Record general journal entries for aspetar enterprises

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Reference no: EM132514993

Question - Aspetar Enterprises converted an overdue account of $40,000 from Aspire Company on June 1, 2021, into a one year note receivable at 8% interest.

Required - Record these general journal entries for Aspetar Enterprises:

(1) The conversion of the overdue account from Aspire Company.

(2) The adjusting entry at December 31, 2021.

(3) The maturity and collection of the note on June 1, Year 2022.

Reference no: EM132514993

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