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Prepare the journal entries for Price Company

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Reference no: EM132557450

Question - On November 16, Price Company received Patterson Company's $6,600, 120-day, 15% note receivable in settlement of a past due account. At the end of the fiscal year, on December 31, Price Company accrued interest on the note.

Required - Prepare the journal entries for Price 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: EM132557450

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