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Young Company Lends Dobson Industries $40,000 on August 1, 2022

Question 66

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Young Company lends Dobson industries $40,000 on August 1, 2022, accepting a 9-month, 9% interest note.If Young accrued interest at its December 31, 2022 year-end, what entry must it make to record the collection of the note and interest at its maturity date? Young Company lends Dobson industries $40,000 on August 1, 2022, accepting a 9-month, 9% interest note.If Young accrued interest at its December 31, 2022 year-end, what entry must it make to record the collection of the note and interest at its maturity date?

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