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Giffin Enterprises issues a $660,000, 45-day 4% note to Romo Industries for merchandise inventory.
a) Journalize Giffin 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.
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(Terminology) Define the following terms as they apply to pension plans and other postemployment benefit plans: Defined benefit plan.
Discuss why the cost allocation method used by an organization is an important part of its cost accounting system.
A company is provided with a choice of 2 kinds of air-conditioners of similar capacity of 12,500 kcal/hr. The traditional air-conditioner costs around HK$50,000 with EER of 2.16 kcal/h W and is estimated to use 140 kWh of electricity daily on the ave..
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