On January 1, Ajax Company accepted a one-year note for $5,000 at 4% from one of its customers. When the note matured on December 31, the customer was unable to pay, and Ajax treated it as a dishonored note. Please provide the journal entry needed by Ajax.

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The Answer of On January 1, Ajax Company accepted a one-year note for $5,000 at 4% from one of its customers. When the note matured on December 31, the customer was unable to pay, and Ajax treated it as a dishonored note. Please provide the journal entry needed by Ajax.

On January 1, Ajax Company Accepted a One-Year Note for $5,000