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Prepare all required journal entries for Mandrake

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Question - On November 1, 2019, Mandrake Corp. and Olivier Ltd. reached an agreement to convert Olivier's outstanding account receivable of $27,000 into a 3-month, 8% note receivable. On February 1, 2020, Olivier dis-honoured the note receivable. Prepare all required journal entries for Mandrake for the above transactions, assuming a December 31 year end and assuming adjusting journal entries are recorded at the end of its fiscal year.

Reference no: EM132550207

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