Entries for discounting notes payable OBJ. 1 Griffin Enterprises issues a $660,000, 45-day, 4% note to Romo

Question:

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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