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On November 1, 2016 Oliver Inc. converted a $20,000 accounts payable

/in /by

On November 1, 2016 Oliver Inc. converted a $20,000 accounts payable

owed to Leave Corp. to a note payable with an interest rate of 10% annum due on January 31, 2017.
Required:

-Record the November 1, 2016 transaction in the records of Oliver.
-Record the adjusting entry needed on December 31, 2016 of Oliver.
-Record the journal entry for the January 31, 2017 payment of Oliver.

 
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