Holly transport inc had the following transactions related, Ask an Expert

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Holly Transport Inc. had the following transactions related to accounts and notes receivable.

Apr. 1, 2013 Accepted Brando Company's 1-year, 12% note in settlement of a $25,000 account receivable.

July 1, 2013 Loaned $15,000 cash to Laurel Bailey on a 9-month, 10% note.

Dec. 31, 2013 Accrued interest on all notes receivable.

Apr. 1, 2014 Received principal plus interest on the Brando note.

Apr. 1, 2014 Laurel Bailey dishonored its note: Holly Transport, Inc. expects it will eventually collect.

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Financial Accounting, Accounting

Category:- Financial Accounting
Reference No.:- M91524240

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