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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.
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