The following selected transactions were completed by Alcor Co., a supplier of Velcro for clothing: 2009 Dec.
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Dec. 13. Received from Penick Clothing & Bags Co., on account, an $84,000, 90-day, 9% note dated December 13.
31. Recorded an adjusting entry for accrued interest on the note of December 13.
31. Recorded the closing entry for interest revenue. 2010
Mar. 12. Received payment of note and interest from Penick Clothing & Bags Co. Journalize the transactions.
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Date Particulars 13Dec Notes Receivable Cash 31Dec Inte...View the full answer
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Related Book For 
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ISBN: 978-0324662962
23rd Edition
Authors: Jonathan E. Duchac, James M. Reeve, Carl S. Warren
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