1.Prepare journal entries for the following (assume a calendar-year accounting period): Dec. 1 Recei
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1.Prepare journal entries for the following (assume a calendar-year accounting period):
Dec. 1 Received a three-month, 15 percent note receivable for $4,640 from a
customer as an extension of his past-due account.
31 Made the year-end adjustment for accrued interest.
Mar.1Received full payment on the note.
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