On December 1, 2024, Liang Chemical provides services to a customer for $88,000. In payment for the services, the customer signs a three-year, 9% note. The face amount is due at the end of the third year, while annual interest is due each December 1.
Required:
1. Record the acceptance of the note on December 1, 2024.
2. Record the
3. Record the cash collection on December 1, 2027.
Prepare the journal entries for the above transactions. (If no entry is required for a particular transaction/event, select "No
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