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Accounting 26th Edition by Carl Warren,James Reeve,Jonathan Duchac
Edition 26ISBN: 978-1285743615Accounting 26th Edition by Carl Warren,James Reeve,Jonathan Duchac
Edition 26ISBN: 978-1285743615 Exercise 21
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.
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.
Explanation
Verified
Verified
a.
Below are the required Journal entri...
Accounting 26th Edition by Carl Warren,James Reeve,Jonathan Duchac
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