On December 1 Krauss Corporation accepted a 120 day 6
On December 1, Krauss Corporation accepted a 120-day, 6%, $ 4,000 note receivable from J. Oliver in exchange for his account receivable.

1. Journalize the transaction on December 1.
2. Journalize the adjusting entry needed on December 31 to accrue interest revenue.
3. Journalize the collection of the principal and interest at maturity. Specify the date.

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