On May 15, 201X, Raleigh Co. gave Octarine Co. a 180-day, $8,000, 10% note. On July 14,
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On May 15, 201X, Raleigh Co. gave Octarine Co. a 180-day, $8,000, 10% note. On July 14, Octarine Co. discounted the note at 12%.
a. Journalize the entry for Octarine to record the proceeds.
b. Record the entry for Octarine if Raleigh fails to pay at maturity.
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Related Book For 
College Accounting A Practical Approach Chapters 1-25
ISBN: 9780133791006
13th Edition
Authors: Jeffrey Slater
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