I need help with these journal entries: Record the following


Question Description:

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I need help with these journal entries: Record the following transactions for Pro Line Communications Inc in the general journal May 30: Accepted a 60-day, 12% note for $11,000 from Photo Master as payment on an accounts receivable May 29: Received interest due on Photo Master note. The note is renewed for 45 days at 13% interest May 28: Received full payment of the Photo Master note Prepare the general journal entries for American Diner for the following notes receivable transactions (assuming there are 28 days in February) Dec 3: Sold merchandise to Brian Wang on account, $6,900 Jan 2: Received a $6,900, 10%, 30-day note from Brian Wang in payment of account Feb 1: Received $600, plus interest on January 2 note, and a new, 14% 60-day note for the remaining balance Thank you!

Answer

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