Entries for discounting notes payable OBJ. 1 Griffin Enterprises issues a $660,000, 45-day, 4% note to Romo
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Entries for discounting notes payable OBJ. 1 Griffin Enterprises issues a $660,000, 45-day, 4% note to Romo Industries for merchandise inventory.
a. Journalize Griffin Enterprises’ entries to record:
1. the issuance of the note.
2. the payment of the note at maturity.
b. Journalize Romo Industries’ entries to record:
1. the receipt of the note.
2. the receipt of the payment of the note at maturity.
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Related Book For
Financial And Managerial Accounting
ISBN: 9781305267831,9781305267848
13th Edition
Authors: Carl S. Warren , James M. Reeve , Jonathan Duchac
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