On May 15, 20X4, Ralph Co. gave Blue Co. a 180-day, $9,000, 8 percent note. On July

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On May 15, 20X4, Ralph Co. gave Blue Co. a 180-day, $9,000, 8 percent note. On July 21 Blue Co. discounted the note at 9 percent.

a. Journalize the entry for Blue to record the proceeds.

b. Record the entry for Blue if Ralph fails to pay at maturity.

LO.1

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College Accounting A Practical Approach Chapters 1-26

ISBN: 9780130911421

8th Edition

Authors: Jeffrey Slater

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Question Posted: Jul 01, 2024 03:03 AM

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On May 15, 20X4, Ralph Co. gave Blue Co. a 180-day, $9,000, 8 percent note. On July

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College Accounting A Practical Approach Chapters 1-26

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