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Copeland Industries has the following transactions related to notes receivable during the last month of the year:Dec 1 Lent $75,000 cash to P. Arthur on a 1-year, 6% note. Interest is due the first of each month, commencing January 1.15 Sold goods to F. Murdoch, receiving a $12,000, 4-month, 4% note. Interest is due the 15 of each month, commencing January 15. Copeland uses the periodic inventory method.31 Accrued interest revenue on notes receivable.InstructionsRecord the above transactions for Greenland Distributors.
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