Harrigan Enterprises utilizes Snoopy Systems to design and implement a cash management system. Due to...
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Harrigan Enterprises utilizes Snoopy Systems to design and implement a cash management system. Due to Harrigan's cash management problems, it cannot currently pay for the system out of pocket. Snoopy chooses to extend a 6% note on January 1 for the $27,000 project cost. Required: 1. Prepare Snoopy's journal entry to record the service performed on January 1. If an amount box does not require an entry, leave it blank. 2. Determine how much interest Snoopy will recelve if the note is repaid on May 1. 3. Provide Snoopy's joumal entry to record the cash received to pay off the note and interest on May 1, If an amount box does not require an entry, leave it blank. (Record collection of note plus interest)
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