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Q1- V Company had the following select transactions.
Apr. 1, 2017 Accepted G Companys 12-month, 12% note in settlement of a $30,000 account receivable.
July 1, 2017 Loaned $25,000 cash to T on a 9-month, 10% note.
Apr. 1, 2018 Received principal plus interest on the G note.
Apr. 1, 2018 T dishonored its note; V expects it will eventually collect.
Instructions Prepare journal entries to record the transactions. V prepares adjusting entries once a year on December 31.
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