On January 1, Ajax Company accepted a one-year note for $5,000 at 4% from one of its customers. When the note matured on December 31, the customer was unable to pay, and Ajax treated it as a dishonored note. Please provide the journal entry needed by Ajax.
Definitions:
Transnational Corporation
A massive enterprise that operates and manages production or delivers services in more than one country.
International Monetary Fund
An international organization created to promote global monetary cooperation, secure financial stability, facilitate international trade, and reduce poverty around the world.
World Bank
An international monetary body that supplies loans and grants to the administrations of less wealthy nations for capital project development.
Dependency Theorist
Scholars who analyze international relations in terms of the dependence of developing countries on industrialized nations, explaining global inequalities in economic development and power dynamics.
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