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Make journal entries for issuing of the bills

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Reference no: EM132476379

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.

Reference no: EM132476379

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