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Entries for Notes Payable Laughlin Enterprises issues a $130,000, 45-day, 6% note to Morrison Industries for merchandise inventory. Assume a 360-day year. If an amount
Entries for Notes Payable
Laughlin Enterprises issues a $130,000, 45-day, 6% note to Morrison Industries for merchandise inventory.
Assume a 360-day year. If an amount box does not require an entry, leave it blank.
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a. Journalize Laughlin Enterprises entries to record:
- the issuance of the note.
- the payment of the note at maturity.
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