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Question - Journalize the following entries for (1) the buyer and (2) the seller for 201X. Record all entries for the buyer first.
June 11 LePorte Company sold $9,000 of merchandise on account to Ramsey Company.
July 11 LePorte Company received a 90-day, $3,000, 16% note for a time extension of a past due account of Ramsey Company.
Oct. 9 Collected the Ramsey Company note on the maturity date.
Oct. 9 Assume Ramsey Company defaulted on its July 11 note and record the dishonored note.
Oct. 15 Ramsey Company paid the note receivable that was dishonored on October 9 (no additional interest is charged).
Lisa Gish is preparing for a meeting with her banker. Her business is finishing its fourth year of operations. In the first year, it had negative cash flows.
What financial statements do these accounts reflect in and what accounts are impacted by these transactions
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area national banks board of directors voted to declare dividends of 286000 total for 2015. these dividends are to be
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the brandilyn toy company manufactures a line of dolls and a doll dress sewing kit. demand for the dolls is increasing
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