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Corporate Financial Accounting 14th Edition by Carl Warren,James Reeve,Jonathan Duchac
Edition 14ISBN: 978-1305653535Corporate Financial Accounting 14th Edition by Carl Warren,James Reeve,Jonathan Duchac
Edition 14ISBN: 978-1305653535 Exercise 50
Entries for notes payable
Bennett Enterprises issues a $400,000, 90-day, 5% note to Spectrum Industries for merchandise inventory.
A. Journalize Bennett Enterprises' entries to record:
1. the issuance of the note.
2. the payment of the note at maturity.
B. Journalize Spectrum Industries' entries to record:
1. the receipt of the note.
2. the receipt of the payment of the note at maturity.
Bennett Enterprises issues a $400,000, 90-day, 5% note to Spectrum Industries for merchandise inventory.
A. Journalize Bennett Enterprises' entries to record:
1. the issuance of the note.
2. the payment of the note at maturity.
B. Journalize Spectrum 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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Note Payable is issued by thedebtors to ...
Corporate Financial Accounting 14th Edition by Carl Warren,James Reeve,Jonathan Duchac
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