Prepare Flipper’s Supply Co. general journal entries for the following transactions:Jan. 1Accepted Flop’s 120 days, 10% note, as settlement of an outstanding $15,000 account receivable for goods sold last yearJan. 15Purchased $10,000 Equipment from Floppy, signing a 9 month, 12% noteJan. 25Loaned Flam Co. $30,000 cash, accepting a 90 days, 10% noteJan. 31Prepared accrual adjusting entry for any interest revenueApr. 25Received payment in full from Flam Co. for outstanding note & interestMay 1Received payment in full from Flop Co. for outstanding note & interestOct. 15Paid Floppy in full
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