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Record Sandhills entries related to the note on July

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Question - Sandhill Financial Services loaned Sharp Inc. $120,000 cash in exchange for a one-year, 3% note on July 1, 2021. Interest is payable quarterly beginning on October 1, 2021. Sandhill has a December 31 year end and records adjusting entries annually.

Record Sandhill's entries related to the note on July 1 and October 1, 2021.

Prepare the adjusting journal entry for accrued interest on December 31, 2021.

Indicate what amounts will be reported on Sandhill's December 31, 2021, balance sheet related to the note receivable.

Reference no: EM132834404

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