Prepare the june adjusting journal entry
Stronger Satellites accepted a five-month, 7% interest rate, $6000 note from one of its customers on June 1,2008. The entire balance is payable at the note's maturity. Prepare the june 30 adjusting journal entry related to this note.
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Johnny Mac ran into a cash crunch and was able to pay only $1200 in the prescribed period. Both parties agreed to satisfy the remaining balance with a six-month note at 13% interest all payable at the end of the note. Please record the appropriate
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