Question
adjusto corporation (which is on a december 31 fiscal year-end) engaged in the following transactions during 2019 and 2020. Nov 1 issued a 120-day, 12
adjusto corporation (which is on a december 31 fiscal year-end) engaged in the following transactions during 2019 and 2020. Nov 1 issued a 120-day, 12 % note, face value of 20,000, to Johnson Company to settle an open account of that amount. Dec 1 issued a 90 day, 12 % note, face value of 32,000, to Wimslow Corporation for the purchase of merchandise (the perpetual inventory method is used). Mar 1 2020 Paud the principal and interest on both the Johnson and Winslow notes. prepare journal entries to record the preceding transactions on Adjusto's books, including the adjusting entries at the end of 2019. Assume a 360 day year
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