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Prepare journal entries for rescue to record purchase

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Reference no: EM133093153

Question - Rescue Sequences LLC purchased inventory by issuing a $30,000, 60-day, non-interest bearing note on October 1. Assume that the note is discounted at a 15% rate.

Required - Prepare the journal entries for Rescue Sequences to record the purchase and payment assuming it uses a perpetual inventory system and a 360-day calendar fiscal year.

Reference no: EM133093153

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