Question

On March 1, Auburn Actuarial Services accepted from Meadows Inc. a six-month, 5%, $12,000 note receivable and $3,000 in cash in exchange for services. The note and interest were paid at maturity on September 1. Auburn has a December 31 year end.
Required
Prepare all journal entries Auburn would make to properly account for the sale and note.


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  • CreatedJuly 16, 2015
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