On May 15, 201X, Reed Co. gave Fuligin Co. a 180-day, $9,000, 8% note. On July 14,
Question:
On May 15, 201X, Reed Co. gave Fuligin Co. a 180-day, $9,000, 8% note. On July 14, Fuligin Co. discounted the note at 10%.
Assume a 360-day year.
1. Journalize the entry for Fuligin to record the proceeds.
2. Record the entry for Fuligin if Reed fails to pay at maturity.
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Related Book For
College Accounting A Practical Approach
ISBN: 9780134729312
14th Edition
Authors: Jeffrey Slater, Mike Deschamps
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