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Accounting 26th Edition by Carl Warren ,Jim Reeve ,Jonathan Duchac
Edition 26ISBN: 978-1337498159Accounting 26th Edition by Carl Warren ,Jim Reeve ,Jonathan Duchac
Edition 26ISBN: 978-1337498159 Exercise 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.
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
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a.Below are the required Journal entries...
Accounting 26th Edition by Carl Warren ,Jim Reeve ,Jonathan Duchac
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