(Solution) - Included in Gonzalez Company s December 31 trial balance is a -(2025 Original AI-Free Solution)

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Included in Gonzalez Company?s December 31 trial balance is a note receivable of $12,000. The note is a 4-month, 10% note dated October 1. Prepare Gonzalez?s December 31 adjusting entry to record $300 of accrued interest, and the February 1 journal entry to record receipt of $12,400 from the borrower.