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02-06-2023
Business

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The following transactions took place for Christoff Solutions Ltd. 2016 July 1 Loaned $85,000 to an employee of the company and received back a one-year, 5 percent note. Dec. 31 Accrued interest on the note. 1 2012 July 1 Received interest and principal on the note. (No interest has been recorded since December 31.) Required: Prepare the journal entries that Christoff Solutions Ltd. would record for the above transactions.

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