Prepare journal entries for the following transactions of Danica Company. Dec. 13 Accepted a $9,500, 45-day, 8%

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Prepare journal entries for the following transactions of Danica Company. 

Dec. 13 Accepted a $9,500, 45-day, 8% note in granting Miranda Lee a time extension on her past-due account receivable.

31 Prepared an adjusting entry to record the accrued interest on the Lee note.

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