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Prepare the journal entries for Brown Company on November

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Question - On November 16, Brown Company received Adams Company's $5,100, 75-day, 5% note receivable in settlement of a past due account. At the end of the fiscal year, on December 31, Brown Company accrued interest on the note.

Required: Prepare the journal entries for Brown Company on November 16 and December 31. Note: To simplify the arithmetic in the problem, use 360 days for the number of days in a year.

Reference no: EM132557534

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