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Entries for discounting notes payable
Swain Enterprises issues a 60-day note for $800,000 to Hill Industries for merchandise inventory. Hill Industries discounts the note at 6%.
a. Journalize Swain Enterprises' entries to record:
1. the issuance of the note.
2. the payment of the note at maturity.
b. Journalize Hill Industries' entries to record:
1. the receipt of the note.
2. the receipt of the payment of the note at maturity.
Assuming the City maintains it books and records in a manner that facilitates the preparation of the fund financial statements, prepare journal entries, in the Debt Service Fund, for the following transactions.
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Gold Co. sold merchandise to Bronze Co. on account, $25,000, terms 2/15, net 45. The cost of the merchandise sold is $18,500. Gold Co. issued a credit memorandum for $2,500 for merchandise returned that originally cost $1,900. Bronze Co. paid the ..
weve seen huge growth in the computer industry in a very short time. there is a high demand for new software from all
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