Assume that part of accounts and other receivables on Thompson Toys' February 2,2010,balance sheet is comprised of $43,225,000 of notes receivable.Two notes make up the amount.The first note has a face value of $30,000,000 and bears interest at 7 percent for 90 days.The second note has a face value of $13,225,000 and bears interest at 9 percent for 120 days.Record the journal entry for the collection of the 7 percent note on May 3 and the dishonor of the 9 percent note on June 2.(Omit explanations; assume no interest had been accrued.)Round amounts to nearest dollar.
Definitions:
Schizophrenia
A complex chronic mental health disorder characterized by disruptions in thought processes, perceptions, emotional responsiveness, and social interactions.
Powerful Person
An individual with significant influence, control, or authority over others, often due to their position, wealth, or abilities.
Paranoid Schizophrenia
A subtype of schizophrenia characterized by prominent delusions of persecution or conspiracy, often accompanied by auditory hallucinations.
Hallucinations
Perceptions or sensations that appear real but are created by the mind, without an external stimulus.
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