Xfor the temporary and mutual accomodation of himself and y

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X,for the temporary and mutual accomodation of himself and Y , draws upon the latter a Bill of Exchange at 3 months for $1,000 . On 1st January ,2009 , X discounts the bill at 6% and hands half the proceeds to Y. on the due date, X remits the amount due to Y who meets the bill. Pass the journal entries in the books of both the parties.

Reference no: EM13589388

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