Accounting 26th Edition by Carl Warren ,Jim Reeve ,Jonathan Duchac

تمرين 39

Entries for discounting notes payable
Griffin Enterprises issues a $660,000, 45-day, 4% note to Romo Industries for merchandise inventory.
a. Journalize Griffin Enterprises' entries to record:
1. the issuance of the note.
2. the payment of the note at maturity.
b. Journalize Romo Industries' entries to record:
1. the receipt of the note.
2. the receipt of the payment of the note at maturity.