McKlien Corporation has a six-month, $10,000, 6% note receivable from L. Noel that was signed on June 1, 2024. Noel defaults on the loan on December 1. Journalize the entry for McKlien to record the default of the loan. (Use months as a calculation base and not days. Record debits first, then credits. Select the explanation on the last line of the journal entry table.) Date 2024 Dec. 1 Accounts and Explanation Debit Credit
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![McKlien Corporation has a six-month, $10,000, 6% note receivable from L. Noel that was signed on June 1, 2024. Noel defaults on the loan on December 1.
Journalize the entry for McKlien to record the default of the loan. (Use months as a calculation base and not days. Record debits first, then credits. Select the explanation on the last line of the journal entry table.)
Date
2024
Dec. 1
Accounts and Explanation
Debit
Credit
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