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3) Lily Inc. issues a $700,000, 60-day, 6% note to Rose Inc. for merchandise inventory. (10 points) Instructions: a) Journalize Lily Inc.'s entries to record:

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3) Lily Inc. issues a $700,000, 60-day, 6% note to Rose Inc. for merchandise inventory. (10 points) Instructions: a) Journalize Lily Inc.'s entries to record: 1. The issuance of the note. 2. The payment of the note at maturity b) Journalize Rose Inc.'s entries to record: 1. The receipt of the note. 2. The receipt of the payment of the note at maturity

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