Journalizing card sales, note receivable transactions, and accruing interest Marathon Running Shoes reports the following:
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2012 |
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May 4 |
Recorded Estate credit card sales of $107,000, net of processor fee of 3%. |
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Sep 1 |
Loaned $17,000 to Jean Porter, an executive with the company, on a one year, 15% note. |
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Dec 31 |
Accrued interest revenue on the Porter note. |
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2013 |
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Sep 1 |
Collected the maturity value of the Porter note. |
Requirement
1. Journalize all entries required for Marathon Running Shoes.