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P8-7A Derek Company

Price: $2.50

P8-7A On January 1, 2014, Derek Company had Accounts Receivable $139,000, Notes
Receivable $30,000, and Allowance for Doubtful Accounts $13,200. The note receivable is
from Kaye Noonan Company. It is a 4-month, 12% note dated December 31, 2013. Derek
Company prepares fi nancial statements annually. During the year, the following selected
transactions occurred.

Journalize the transactions.

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