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Record the acceptance of the note on May

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Question - On May 1, 2021, a company lends $150,000 to one of its main suppliers and accepts a 12-month, 7% note. Record the acceptance of the note on May 1, 2021, the adjustment on December 31, 2021, and the cash collection on May 1, 2022.

Reference no: EM133071585

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