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Fishing Resort holds a $20,000, 10 percent, 120-day note receivable from Halibut. Prior to maturity, Fishing Resort discounts the note and sells it for proceeds
Fishing Resort holds a $20,000, 10 percent, 120-day note receivable from Halibut. Prior to maturity, Fishing Resort discounts the note and sells it for proceeds of $21,000. What would the journal entry to record the discounting (selling) of the note include?
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Answer When Fishing Resort discounts the note receivable and sells it before maturity it recognizes ...
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Business
Authors: Ricky Griffin, Ronald J.Ebert, Frederick Starke, Melanie Lang, George Dracopoulos
8th Canadian Edition
133354261, 978-0133354263
