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Welk Associates sold a piece of equipment to Convey Company on June 1 2014 for $ 800,000. Welk agreed to accept a 7 month 7% note with interest due on its maturity date December

Welk Associates sold a piece of equipment to Convey Company on June 1, 2014, for $ 800,000. Welk agreed to accept a 7- month, 7% note with interest due on its maturity date, December 31, 2014. Welk only prepares financial statements at its calendar year- end. Prepare the journal entries required to record the sale and the full collection at maturity.

Apr 07 2020 View more View Less

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