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Accounting of bills payable
point 1: Red River Ltd previously purchased inventory from Blue Ocean Ltd on credit for $5,000. On 1 August, Red River was unable to pay the due amount and Blue Ocean agreed to accept a 90-day, 12% bill to cover account payable.
Required:
Question 1: Make journal entries for
(a) issuing of the bills;
(b) paying off the debt at maturity.
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