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Record the notes receivable transactions for enterprise corp

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Question - Accounting for Notes Receivable and Notes Payable - On March 1, 2021, O'Hura borrowed $24,000 cash from Enterprise Corporation giving Enterprise a $24,000, 8%, 11-month note. O'Hura repaid the note on February 1, 2022.

Required -

1. In the attached Workpaper #4, give the general journal entries required to record the notes receivable transactions for Enterprise Corporation (the lender) for 2021 and 2022. Enterprise prepares financial statements annually on December 31 of each year.

2. In the attached workpaper #4, give the general journal entries required to record the notes payable transactions for O'Hura (the borrower) for 2021 and 2022. O'Hura prepares financial statements semi-annually on June 30 and December 31 of each year.

Reference no: EM133166446

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