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Prepare the journal entries necessary to record the receipt

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Reference no: EM132882194

Problem - Interest-Bearing and Non-Interest-Bearing Notes On December 11, 2019, Hooper Inc. made a credit sale to Marshall Company and required Marshall to sign a $12,000, 60-day note.

Required - Prepare the journal entries necessary to record the receipt of the note by Hooper, the accrual of interest on December 31, 2019, and the customer's repayment on February 9, 2020, assuming:

1. Interest of 12% was assessed in addition to the face value of the note.

2. The note was issued as a $12,000 non-interest-bearing note with a resent value of $11,765. The implicit interest rate on the note receivable was 12%. Assume a 360-day year. (Round to the nearest dollar.)

Reference no: EM132882194

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