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Business, 24.05.2021 14:00 iwannasleep

Journal Entries (Note Received, Discounted, Dishonored, and Collected) Apr. 6 Received a 120-day, 6% note in payment for accounts receivable balance of $2,700.
26 Discounted the note at a rate of 7%.
May 3 Received a 30-day, 7% note in payment for accounts receivable balance of $1,000.
June 2 The $1,000, 30-day, 7% note is dishonored.
5 The dishonored note is paid, plus interest at 7% on the maturity value.

Required:
Prepare general journal entries for the transactions.

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Journal Entries (Note Received, Discounted, Dishonored, and Collected) Apr. 6 Received a 120-day, 6...
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