Link Communications programs voicemail systems for businesses. For a recent project they charged $135,000. The customer secured
Question:
Required:
1. Prepare the journal entry to record the sale on February 1, 2011.
2. Determine how much interest Link will receive if the note is repaid on December 1, 2011.
3. Prepare Link’s journal entry to record the cash received to pay off the note and interest on December 1, 2011.
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1 Journal Date Account and Explanation Debit Credit Feb 1 Notes Recei...View the full answer
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Related Book For 
Cornerstones of Financial and Managerial Accounting
ISBN: 978-1111879044
2nd edition
Authors: Rich, Jeff Jones, Dan Heitger, Maryanne Mowen, Don Hansen
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