Entries for notes receivable, including year-end entries
The following selected transactions were completed by Zip-Up Co., a supplier of zippers for clothing:
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2011
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Dec. 10.
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Received from Point Loma Clothing & Bags Co., on account, a $36,000, 90-day, 4% note dated December 10.
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31
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Recorded an adjusting entry for accrued interest on the note of December 10.
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31
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Recorded the closing entry for interest revenue.
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2012
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Mar. 9.
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Received payment of note and interest from Point Loma Clothing & Bags Co.
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Journalize the transactions.